Stephen Douglas Pizzuti, of Altamonte Springs, Florida, a stockbroker formerly registered with Merrimac Corporate Securities, Inc., is the subject of a customer initiated investment related written complaint, in which the customer sought $90,000.00 in damages based upon allegations that inappropriate equity and direct investment products were effected in the customer’s account.

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Pizzuti has been referenced in seven additional customer initiated investment related disputes containing allegations of his wrongdoing while employed with Allen Douglas Securities, Inc. and Corporate Securities Group, Inc. Specifically, a customer initiated investment related arbitration claim regarding Pizzuti’s activities was resolved for $4,500.00 in damages supported by accusations of the failure to supervise a stockbroker who mismanaged a customer’s equity portfolio and executed unauthorized trades. National Association of Securities Dealers (NASD) Arbitration No. 00-00762 (Mar. 26, 2001).

Another customer initiated investment related arbitration claim involving Pizzuti’s conduct was settled for $250,000.00 in damages founded on allegations that Pizzuti negligently handled the customer’s investment account, and breached his fiduciary and contractual duties concerning the customer’s equity portfolio. (NASD) Arbitration No. 02-02587 (May 2, 2002).

Additionally, Pizzuti has been sanctioned three times by regulators for misconduct. Specifically, Pizzuti was fined $10,000.00 by the state of Florida, Department of Banking and Finance, based upon allegations that while Pizzuti was associated with Allen Douglas Securities, Inc., he failed to establish and implement supervisory procedures to prevent a stockbroker from churning customers’ accounts and effecting unsuitable transactions. Case Nos. 2851-S-9/99; 2851B-S-9/99; 2851C-S-9/99 (Nov. 29, 1999).

Thereafter, he was fined $10,000.00 and suspended from associating with any FINRA member in any capacity according to an Order Accepting Offer of Settlement containing findings that whilePizzuti was the chief executive officer of Merrimac Corporate Securities, Inc., he failed to supervise the private securities transactions and outside business activities of the firm’s stockbrokers; conduct violative of NASD Rules 2110 and 3010 as well as FINRA Rule 2010. Department of Enforcement v. Stephen Douglas Pizzuti, Disciplinary Proceeding No. 2009017195204 (Aug. 19, 2013).

Pizzuti was then fined $15,000.00 and suspended by FINRA according to an Order Accepting Offer of Settlement comprised of findings that Pizzuti, inter alia, communicated with the public about investing in a misleading fashion and failed to supervise the firm’s staff. Department of Enforcement v. Merrimac Corporate Securities, Inc., et al., Disciplinary Proceeding No. 2011027666902 (May 27, 2014).

Pizzuti’s registration with Merrimac Corporate Securities, Inc. was terminated on May 15, 2015. He was subsequently registered with Freedom Investors Corp. through March 31, 2017. Pizzuti has been associated with eight different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

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