Anthony Sica Allegedly Makes Unsuitable Investment Recommendations To An Elderly Customer

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Anthony Sica. According to his publicly available FINRA BrokerCheck report, Anthony Sica has been the subject of multiple customer disputes.

Anthony Sica is a New York based securities broker. He has worked in the securities industry for thirty-four years. During his career, he has been registered with five different securities firms.

His Registrations

• Mclaughlin, Piven, Vogel Inc. (1985)


• Lehman Brothers (1985-1993)


• Prudential Securities Incorporated (1993-2001)


• Wachovia Securities (2001-2003)


• Joseph Gunnar & Co. (2003-Present)

The Allegations

• In July 1990, a customer alleged that Anthony Sica recommended unsuitable equities and excessively traded said equities. This case was settled for $28,000 in damages.


• In March 1991, a customer alleged that Anthony Sica committed fraud, breached his fiduciary duty, and engaged in excessive trading. This case was settled for $54,000 in damages.


• In July 1992, a customer alleged that Anthony Sica made material misrepresentations and omissions of fact. This case was settled for $22,000 in damages.


• In December 2001, a customer alleged that Anthony Sica recommended the highly unsuitable sunbeam stock and specific REIT stocks. This case was settled for $18,000 in damages.


• In March 2010, a customer alleged that Anthony Sica poorly managed their account and recommended unsuitable investments. This case was settled for $157,500 in damages.


• In December 2013, a customer alleged that Anthony Sica recommended unsuitable investments, engaged in excessive trading, and executed unauthorized trades. This case was settled for $302,500 in damages.


• In November 2017, Anthony Sica was officially sanctioned by FINRA. The findings in this matter state that he made unsuitable investment recommendations to an elderly customer living on a fixed income. Due to these alleged actions, Anthony Sica was fined $2,000, forced to pay $3,039 in restitution, and suspended from acting as a securities broker in any fashion for a period of three months.

What Does This Mean?

Securities brokers have an obligation to their customers to only recommend investments that are suitable for them. Brokers who fail to accomplish this, fail to perform their job to the standard that is required for their position. Brokers can determine if an investment is suitable for their customer by looking at a number of factors. These factors include the customer's investment objectives, age, annual income, liquidity needs, financial situation, risk tolerance, and more. Investors who find themselves placed in investments they are not financially suited for can experience significant financial detriment.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Anthony Sica, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.