The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Frank Venturelli. According to his publicly available FINRA BrokerCheck report, Frank Venturelli was the subject of multiple customer disputes over the course of his career.

Frank Venturelli was a New Jersey-based securities broker who worked in the securities industry for five years. During his career, he was registered with two different securities firms.

His Registrations 

  • First Standard Financial Company (2014-2016/2016-2019)
  • Arive Capital Markets (2019-2019)

The Allegations 

  • In March 2019, a customer alleged that Frank Venturelli executed excessive and unsuitable trades. This case is currently pending, and the customer is seeking $50,000 in damages.
  • In June 2020, Venturelli was officially sanctioned by FINRA for allegedly engaging in quantitatively unsuitable and excessive trading in customers’ accounts. FINRA found that as a result of Venturelli’s alleged excessive trading, the customers suffered collective losses of $373,226 and paid $169,803 in commissions and fees. As a result of these findings, Venturelli was made to pay $30,000 in restitution and was suspended from acting as a securities broker in all capacities for a period of 11 months.

What Does This Mean?

Excessive trading, or churning, is a deceptive trading practice instituted by securities brokers like Frank Venturelli. It centers around the securities broker trading a customer’s account excessively even if it has no financial benefit to the investor. The reason they do it then is because it generates additional commissions for each trade they execute. Despite its fraudulent nature, many securities brokers continue to engage in this practice.

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 due to this fraud or negligence 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 Frank Venturelli, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.