Venturelli consented to a $30k fine and an 11-month suspension.
The Sonn Law Group is investigating allegations that Frank Venturelli engaged in excessive trading. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Frank Venturelli (CRD#: 6403468) has been in the financial industry since 2014. He was registered as a broker with First Standard Financial Company from 2014 until 2019. He was also registered as a broker for a three-month period with Arive Capital Markets.
On June 19, 2020, Venturelli consented to sanction in the form of a $30,000.00 restitution payment and an 11-month suspension. FINRA’s findings, which Venturelli neither admitted nor denied, stated that he engaged in quantitatively unsuitable trading in customers’ accounts. The findings stated that Venturelli recommended the trading in the customers’ accounts, and they followed his recommendations. As a result, Venturelli exercised de facto control over the accounts.
Venturelli’s trading of the accounts resulted in high turnover rates and cost-to-equity ratios as well as significant losses. Venturelli’s trading was excessive and unsuitable given the customers’ investment profiles, and it was virtually impossible for any of the customers to earn a profit. As a result of Venturelli’s excessive trading, the customers suffered collective losses of $373,226.00 and paid $169,803.00 in commissions and fees.
Based on a demonstration of limited ability to pay, Venturelli is only required to pay partial restitution, according to his BrokerCheck report.
Venturelli has one other disclosure on his BrokerCheck report.
March 2019 Customer Dispute
- Status: Pending
- Allegations: “Excessive Trading & Unsuitable Trades”
- Damage Amount Requested: $50,000.00
- Broker Comment: “Registered representative vehemently denies the allegations set forth by or on behalf of the customer; intends to establish the clearly erroneous nature and/or falsehood of same and seek expungement relief at the earliest opportunity.”
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The Sonn Law Group is currently investigating allegations that Frank Venturelli engaged in excessive trading. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.
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