Aegis Capital Corp Sued For Breach Of Fiduciary Duty

Stephen Giannantonio (also known as Steve Gannantaonio) of New York New York a stockbroker currently registered with Aegis Capital Corp is the subject of a customer initiated investment related arbitration claim where the customer requested $304,000.00 in damages based upon accusations that (1) the customer’s account was churned (2) contractual obligations had been breached (3) fiduciary duties owed by the stockbroker were violated (4) stock trades were unsuitable and (5) the customer had been defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03724 (Oct. 29, 2018).

FINRA Public Disclosure confirms that Giannantonio is referenced in four additional customer initiated investment related disputes which pertain to allegations of his misconduct while employed with Glenn Michael Financial Inc. and Laidlaw Co. UK Ltd. Specifically, Giannantonio is the subject of a customer initiated investment related arbitration claim in which the customer was awarded compensatory damages based upon Giannantonio being found liable on the customer’s claims of breach of fiduciary duty, churning, unsuitability and securities fraud.

Another customer filed an investment related complaint involving Giannantonio’s conduct where the customer sought $35,000.00 in damages supported by accusations that unauthorized trades were executed in the customer’s account during the period in which Giannantonio was employed by Glenn Michael Financial. Also, Giannantonio is referenced in a customer initiated investment related complaint in which the customer requested $26,117.43 in damages founded on allegations of penny stocks and other equities being inappropriately placed in the customer’s investment portfolio resulting in unwarranted losses.

In addition, a customer filed an investment related arbitration claim in regard to Giannantonio’s activities where the customer sought $225,000.00 in damages based upon accusations that transactions were not authorized; trades were not appropriate given the customer’s objectives or financial circumstances; unfounded statements were made regarding the terms, risks or performance of over-the-counter equities and hedge fund investments; trades had been executed on an excessive basis; and margin was inappropriately used to effect transactions which produced losses in the customer’s account.

FINRA Public Disclosure additionally reveals that Giannantonio has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity founded on findings that he engaged in discretionary trades in the accounts of Aegis Capital Corp. customers without being furnished with any written authorization to warrant his actions; and without Giannantonio procuring any written authorization from the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2015047426901 (Oct. 4, 2016). FINRA determined that Giannantonio’s conduct was violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).

Giannantonio became associated with Aegis Capital Corp. on June 17, 2013. The stockbroker has been employed by at least four different securities broker dealers which have either been expelled by regulators for violation of federal securities laws or are otherwise defunct.