Worden Capital Management Stockbroker Sanctioned

John Sebastion Cangialosi, of New York, New York, a stockbroker registered with Worden Capital Management, has been sanctioned by The State of Michigan pursuant to a Stipulation and Order for Withdrawal, wherein Cangialosi agreed not to apply in the state for a securities agent or investment advisor designation due to his unethical and deceitful business practices having been construed as violative of The Michigan Uniform Securities Act. Case No. 328386 (Jan. 29, 2016).

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on May 26, 2016, a customer initiated investment related arbitration claim involving Cangialosi’s conduct was settled for $9,999.00 in damages based upon allegations that he made misrepresentations to the customer, effected unsuitable transactions, churned the customer’s investment portfolio, breached his contractual duties, and defrauded the customer in connection with equity transactions effected by Cangialosi during the period that he was associated with Brookstone Securities, Inc.

Previously, on January 14, 2016, a customer initiated investment related arbitration claim regarding Cangialosi’s activities was resolved for $50,000.00 in damages based upon allegations that Cangialosi, while associated with Legend Securities, Inc., breached his contractual and fiduciary obligations to the customer and committed fraud in reference to over-the-counter equities transactions that had been placed in the customer’s account.

Since December 12, 2001, Cangialosi has been associated with six different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach

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