Investors Sue Royal Alliance For Breach Of Fiduciary Duty

Matthew William Crafa of Garden City New York a stockbroker currently associated with Royal Alliance Associates Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested damages estimated to exceed $5,000.00 supported by allegations that a fiduciary duty that was owed to the customer had been breached and that misrepresentations were made by the stockbroker pertaining to an investment in a private fund. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00385 (Jan. 31, 2020).

According to the claim, Crafa’s negligence brought about the customer’s losses. The claim also alleges that transactions were effected by Crafa in violation of FINRA Rules 2111 and 2110 which indicates that Crafa allegedly recommended excessive transactions or he made recommendations without having an adequate foundation to believe that those recommendations were appropriate for the customer.

FINRA Public Disclosure reveals that Crafa has been identified in two additional customer initiated investment related disputes containing allegations of his misconduct while employed by Royal Alliance. On April 25, 2019, a customer filed an investment related arbitration claim involving Crafa’s conduct in which the customer requested $1,000,000.00 in damages based upon allegations that a fiduciary duty had been breached and that the stockbroker was negligent with regard to a private fund transaction. FINRA Arbitration No. 19-01153. The claim also alleges a violation of an agreement relating to the investments held by the customer during the time that Crafa was associated with Royal Alliance.

Crafa has been identified in another customer initiated investment related arbitration claim where the customer sought at least $5,000.00 in damages founded on accusations that a private investment fund had been misrepresented by the stockbroker at Royal Alliance. FINRA Arbitration No. 20-00096 (Jan. 15, 2020).

Crafa has been employed by Royal Alliance Associates since July 27, 2007.