Rocco Roveccio, Alexander Capital – Securities Fraud Investigation
Have you suffered losses investing with former broker Rocco Roveccio of New Jersey? The securities fraud attorneys at The White Law Group may be able to help you to recover your losses by filing a FINRA Dispute Resolution claim.
According to a press announcement on May 6, 2019, a federal district court entered a final consent judgment against Rocco Roveccio, for allegedly defrauding customers by making unsuitable and unauthorized trades and churning customers’ accounts for his own profit.
The SEC’s complaint, filed in the Southern District of New York on September 28, 2017, alleges that Roveccio, a New Jersey resident, recommended to seven customers a pattern of high-cost, in-and-out trading without any reasonable basis to believe that his customers could make a profit.
Roveccio’s recommendations, made from July 2012 to October 2014, allegedly resulted in losses for the customers and profit for Roveccio. He also purportedly lied to his customers about the potential for the accounts to profit. The complaint further alleges that Roveccio engaged in unauthorized trading and churning.
The final judgment reportedly permanently enjoins Roveccio from violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and orders Roveccio to pay $324,614, consisting of $147,115 in disgorgement, $17,499 in prejudgment interest and a civil penalty of $160,000.
Further, the SEC has reportedly permanently barred Roveccio from working in the securities industry and penny stock trading.
According to his FINRA broker record, it appears that Roveccio was formerly affiliated with Alexander Capital L.P., in Staten Island, New York. It appears that he worked at 15 different firms during his 21 years working in the securities industry.
In June 2018, the SEC reportedly filed settled charges against Alexander Capital and two of its managers. The SEC also reportedly settled with two other former Alexander Capital brokers in September 2017 and March 2019.
Churning Investigation – Securities Fraud Lawsuit
The White Law Group is investigating potential securities claims regarding the liability that his former employers may have for failure to properly supervise Roveccio’s alleged activities.
When brokers abuse client accounts and conduct transactions that violate securities laws, such as churning, 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 Rocco Roveccio, the securities fraud 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.