In May 2009, FINRA announced that Jordan Paul Zaro, a financial advisor that worked at Riverside Securities, Inc. from 1991 through 2009, had been named as a respondent by FINRA in a complaint. The complaint alleges that Zaro created false account statements showing positions in municipal securities and a money market account that a customer did not own, and created the impression that the customer’s total investment portfolio was worth more than $750,000 more than it really was. The complaint further alleges that Zaro exercised control over the customer’s account which he traded under oral discretionary authority from the client but without written trading authorization. Finally, the complaint alleges that the trading was unsuitable for the customer’s investment needs and that the trading was excessive given the size of the account and the client’s needs.
Based on Zaro’s FINRA broker report, it does not appear that the FINRA complaint is the first instance of complaint related to Zaro’s trading practices. He has also been named in at least two other customer complaints related to his unsuitable trading.
If you have questions about investments you made with Jordan Zaro, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office at 312-238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit http://www.whitesecuritieslaw.com.