Investors Settle Arbitration Claim Against Laidlaw For Churning

Investment Fraud

Robert Nicholas Rotunno of New York New York a stockbroker employed by Laidlaw Company (UK) Ltd. has been referenced in a customer initiated investment related arbitration claim which was settled for $285,000.00 in damages based upon allegations that trades were effected in the Laidlaw Company customer’s account by Rotunno on an excessive basis between 2012 and 2016 and that the equities and private placements were unsuitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03992 (Jan 23, 2020).

FINRA Public Disclosure indicates that Rotunno is the subject of eleven more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by Laidlaw Company and National Securities Corp. On July 19, 2018, a customer initiated investment related arbitration claim pertaining to Rotunno’s conduct was settled for $128,750.00 in damages supported by allegations that the Laidlaw Company customer’s account was overconcentrated in private placements and that transactions effected by Rotunno were inappropriate for the customer and had resulted in losses for the customer’s account. FINRA Arbitration No. 17-01006.

On July 20, 2018, another customer initiated investment related arbitration claim in reference to Rotunno’s conduct was resolved for $65,000.00 in damages based upon accusations that Rotunno’s trading of private placements, equities and common and preferred stock failed to be suitable for the customer and that the stockbroker effected trades on an excessive basis during the period in which he was associated with Laidlaw Company. FINRA Arbitration No. 17-00785. On March 14, 2019, a customer filed an investment related arbitration claim concerning Rotunno’s activities where the customer sought $150,000.00 in damages founded on accusations that over-the-counter equities trades were unsuitable for the National Securities Corp customer. FINRA Arbitration No. 19-00614.

Rotunno has also been identified in a customer initiated investment related complaint which was resolved on July 17, 2019 for $14,950.00 in damages founded on accusations of bad private placements and stocks being sold to the customer between 2017 and 2015 during which time Rotunno was employed by Laidlaw Company.

Rotunno’s registration with Laidlaw Company has been terminated as of February 3, 2016. He was associated with National Securities Corp between January 13, 2016 and January 14, 2019. Since December 10, 2019, Rotunno has been associated with Worden Capital Management LLC.