History Includes Three Firms Expelled by FINRA
Did you lose money investing with Erik Pica? Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.
Joseph Stone Capital broker Erik Patrick Pica (CRD# 4829533) is under FINRA investigation for misappropriation of client funds and allegedly providing false testimony in a FINRA hearing.
On 7/22/19, a FINRA hearing determined that Pica committed the following violations:
- Providing false or misleading information to Joseph Stone Capital, L.L.C. regarding the disposition of funds from a customer, in violation of FINRA Rule 2010; and
- Providing false or misleading information to FINRA staff during on-the-record testimony on May 31, 2019 that was requested pursuant to FINRA Rule 8210 regarding the circumstances under which he obtained and used customer funds, in violation of FINRA Rules 8210 and 2010
Pica has 14 years of industry experience with five firms, including: Joseph Stone Capital of New York, NY (2015-present); Global Arena Capital of New York, NY (2012–2015) (firm expelled by FiNRA 1/4/16); First Midwest Securities of New York, NY (2009–2012); Chicago Investment Group of New York, NY (2008–2009) (firm expelled from FINRA on 9/14/10); and Eastbrook Capital Group of New York, NY (2004–2008)(firm expelled by FINRA 9/23/09).
On May 4, 2018, Pica became involved in a customer dispute in which a client alleged negligent supervision, over-concentration, and suitability. The client originally requested $293,000 in damages, but Global Arena Capital Corp. settled the matter for $30,000. The investment product in question was a leveraged ETF.
On March 21, 2018, Pica became involved in a pending customer dispute in which a client alleges he recommended unsuitable securities and engaged in churning, among other complaints. The customer is asking for $500,000 in damages. The investment product in question is OTC (Over-the-Counter) equity.
On July 3, 2017, Erik Pica became involved in a pending customer dispute in which a client is seeking $120,000 in damages. The claimant alleges that Erik Pica breached his fiduciary duty and engaged in negligence, among other actions. The investment product in question is also OTC (Over-the-Counter) equity.
On December 22, 2011, Erik Pica became involved in a customer dispute in which a client claimed “registered representative represented he owned the ETF he was recommending customer to purchase. Customer claims he did not fully understand the product,” according to information available on Pica’s BrokerCheck report. The client originally requested $5,133 in damages, but First Midwest Securities settled the matter for $4,999.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.