Garden State Broker Fined For Unauthorized Trading
Jonathan William Iraggi of Red Bank New Jersey a stockbroker formerly registered with Garden State Securities Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Iraggi traded in a customer’s account without authorization. Letter of Acceptance Waiver and Consent No. 2017055128101 (Aug. 23, 2018).
According to the AWC, between October of 2016 and June of 2017, during the time that Iraggi was employed by Garden State Securities, Inc., he exercised discretionary power to effect transactions in the accounts of Garden State customers. The AWC stated that three of the customers affected by Iraggi’s activities never provided him with written authorization to place trades in their accounts. Moreover, the AWC stated that written authorization was never provided by the firm warranting Iraggi’s discretionary transactions.
The AWC further stated that in December of 2016, Iraggi provided false information within Garden State securities’ compliance questionnaire; he improperly represented himself as someone who had never traded in customers’ accounts on a discretionary basis. FINRA found that Iraggi’s conduct was violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
FINRA Public Disclosure reveals that Iraggi is referenced in two customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with Garden State Securities, Inc. and Spartan Capital Securities, LLC. Specifically, on January 2, 2015, a customer filed an investment related complaint involving Iraggi’s conduct where the customer requested $8,814.00 in damages founded on accusations that Iraggi executed over-the-counter equities trades in the customer’s account without the customer’s authorization.
Thereafter, on July 11, 2017, a customer filed an investment related complaint regarding Iraggi’s activities in which the customer sought $22,000.00 in damages based upon allegations that unauthorized stock and over-the-counter equities trades were effected in the customer’s account.
Iraggi’s registration with Garden State Securities, Inc. has been terminated as of July 11, 2017. Between August 10, 2017 and August 2, 2018, Iraggi has been registered with National Securities Corporation.
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