The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker John Santariello. According to his publicly available FINRA BrokerCheck report, John Santariello has been the subject of multiple customer disputes.
John Santariello was a New York based securities broker. He worked in the securities industry for eight years. During his career, he was registered with six different securities firms.
His Registrations
- K.C. Ward Financial (2010-2013)
- National Securities Corporation (2013-2014)
- Wilmington Capital Securities (2014-2015)
- Joseph Gunnar & Co. (2015)
- Cape Securities (2015-2016)
- Arive Capital Markets (2016-2018)
The Allegations
- In November 2014, a customer alleged that they experienced losses due to John Santariello’s unsuitable and excessive trading of speculative securities. This case was settled for $30,000 in damages.
- In August 2019, a customer alleged that John Santariello churned their account and recommended unsuitable securities. This case is currently pending. The customer is seeking $307,042 in damages.
What is Churning?
Brokers receive a percentage of an investor’s principal investment whenever executing a transaction on an investor’s behalf. This percentage acts as their commission. This method of compensating securities brokers can easily lead to a fraudulent trading practice known as churning. Churning occurs when a securities broker trades a customer’s account excessively with the express purpose of generating additional commissions for themself. It can be detrimental to investors due to the unnecessary fees it causes them to incur. These fees cause investors’ principal investments to deteriorate.
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 John Santariello, 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.
