March 5, 2019 Comments (0) Blog, Current Investigations, Securities Fraud

William Gennity to Pay $300,000 for Churning

William Gennity Churning Case, Featured by Top Securities Fraud Lawyers, The White Law Group

Financial Advisor William Gennity worked for 10 Firms in 13-Year Career

Have you suffered losses investing with financial advisor William Gennity? If so, the securities fraud attorneys at The White Law Group may be able to help you recover your losses by filing a FINRA Dispute Resolution claim against the brokerage firm that employed Gennity during the time of the losses.

According to reports today, the Securities and Exchange Commission (SEC) has obtained a final judgement against William Gennity, a barred broker from New York, for allegedly churning/excessively trading his clients’ brokerage accounts.

As we previously told you, on September 28, 2017, the SEC charged Gennity and two other New York-based brokers with purportedly making unsuitable recommendations in order to earn large commissions while they were affiliated with Alexander Capital LP, in New York. The recommendations reportedly resulted in substantial losses to their customers.  One of the brokers agreed to pay more than $400,000 to settle the charges.

According to reports today, Gennity, was ordered to pay $302,483, which includes $127,686 in disgorgement, $14,797 in prejudgment interest, and a civil penalty of $160,000.

During his 13-year career, Gennity reportedly worked at 10 different brokerage firms in the New York area. Most recently, he was a registered representative with First Standard Financial Company in Staten Island, N.Y. from October 2014 through November 2018, according to his FINRA BrokerCheck report.

In addition to the civil charges from the SEC, Gennity’s broker report lists 3 regulatory events, 6 customer complaints, 2 of which are still pending. Allegations include churning and unsuitable investments, among others.

According to industry insiders, investors should be on the lookout for brokers who constantly switch firms, as it could be a red flag. Investors can quickly and easily research a prospective financial advisor by using a free tool provided by the Financial Industry Regulatory Authority, FINRA BrokerCheck.

Failure to Supervise

The White Law Group is investigating potential claims regarding the liability that his former employers may have for failure to properly supervise William Gennity.

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

If you suffered losses investing with William Gennity, the securities attorneys of The White Law Group may be able to help. For a free consultation with a securities attorney, please call 888-637-5510.

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 Franklin, Tennessee.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.

 

 

 

 

 

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.