Joseph Michael Giordano, Broker with Aegis Capital Corp., Suspended by FINRA Following Allegations of Failure to Supervise

Giordano was accused of ignoring red flags that brokers were making excessive, unsuitable trades.

Joseph Michael Giordano (CRD: 4737649) is registered as a broker with Aegis Capital Corp., where he has been employed since 2010. Giordano is also currently registered as a broker with Acceptus Capital Corp., where he has been employed since 2016. Previously, Giordano was registered as a broker with Gunnallen Financial from 2003 until 2010.

Giordano has two disclosures on his BrokerCheck report. 

November 2021 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: Without admitting or denying the findings, Giordano consented to the sanctions and to the entry of findings that he failed to reasonably supervise his member firm’s registered representatives who worked in one of its branch offices. The findings stated that as a designated supervisory principal, Giordano was presented with but did not respond to multiple red flags identifying potentially excessive and unsuitable trading in customer accounts managed by the representatives, including, among others, exception reports generated by the firm’s clearing firm. As a result, the firm representatives engaged in excessive and unsuitable trading in customer accounts, generating combined customer costs (including commissions, markups or markdowns, margin interest and fees) of more than $2.6 million, and cumulative losses of $4 million.
• Resolutation: Acceptance, Waiver & Consent (AWC)
• Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
• Amount: $10,000.00
• Sanctions: Suspension
• Registration Capacities Affected: Any principal capacity
• Duration: Six months
• Start Date: 12/6/2021
• End Date: 6/5/2022
• Sanctions: Undertaking
• Sanctions: Giordano consented to an undertaking that, within 90 days of notice that this AWC has been accepted, he will attend and satisfactorily complete 20 hours of continuing education concerning supervisory responsibilities.

October 2007 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: NASD Rules 2110 and 3010: During the period between January 2005 and March 2005, Giordano failed to properly supervise a registered representative who engaged in penny stock transactions for public customers without satisfying required penny stock disclosure requirements.
• Resolutation: Acceptance, Waiver & Consent (AWC)
• Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
• Amount: $7,500.00
• Sanctions: Suspension
• Registration Capacities Affected: Any principal capacity
• Duration: Ten business days
• Start Date: 11/5/2007
• End Date: 11/16/2007
• Regulator Statement: Without admitting or denying the findings, Giordano consented to the described sanctions and to the entry of findings; therefore, he is fined $7,500 and suspended from association with any FINRA member in any principal capacity for ten business days. The suspension in any principal capacity will be in effect from November 5, 2007, through November 16, 2007.

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Joseph Michael Giordano. 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.