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

Jovannie Aquino was a New York based securities based securities broker. He worked in the securities industry for eleven years. During his career, he was registered with twelve different securities firms.

His Registrations

  • Avalon Partners (2004-2005, 2006)
  • Gunnallen Financial (2005)
  • Hallmark Investments (2005)
  • VFinance Investments (2006)
  • Banc of America Investment Services (2006-2007)
  • J.P. Turner & Company (2008-2010)
  • National Securities Corporation (2010-2011)
  • Rockwell Global Capital (2011)
  • John Thomas Financial (2011-2012)
  • John Carris Investments (2014)
  • Windsor Street Capital (2014-2017)
  • Spartan Capital Securities (2017-2018)

The Allegations

  • In August 2012, a customer alleged that Jovannie Aquino engaged in unauthorized trading. This case was settled for $12,000 in damages.
  • In June 2017, a customer alleged Jovannie Aquino engaged in unauthorized trading, failed to follow instructions, engaged in a misuse of margin trading, and charged them excessive commissions.
  • Jovannie Aquino was officially sanctioned by the United States Securities and Exchange Commission in September 2018. The findings in this matter state that he convinced at least seven member firm customers to maintain accounts with him at his member firm by convincing them he would employ a profitable trading strategy. However, according to the findings, he instead recommended a series of unsuitable short-term trades that cost these customers a significant amount in commissions and fees that he then benefited from. Jovannie Aquino’s alleged short term trading and the excessive commissions he charged ensured that these seven customers would lose money. Due to these alleged actions, Jovannie Aquino was forced to pay $568,805 in disgorgement to the afflicted investors. He was also barred by the SEC from acting as a securities broker in any fashion.

What Does This Mean?

Normal investors lack the knowledge and experience to invest suitably on their behalf. The reason that investors hire securities brokers in the first place is so that they can make recommendations about what securities would be suitable for them based on their investment objectives, age, liquidity needs, and financial situation. One of the most important parts of a securities broker’s job is making sound recommendations that prove to be suitable for investors based on these factors. It is expected that brokers will put in the necessary work to determine suitability and are thus unable to excuse themselves by claiming they were unaware of an investment’s unsuitability. When an investor recommends an investment, or investment strategy, to their customer that proves to be highly unsuitable for them, or anyone for that matter, they either knew, or should have known, how unsuitable it was.

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 Jovannie Aquino, please contact Oakes & Fosher for a free and private consultation.