Erez Law is currently investigating Edward Jones broker Albert DeGaetano (CRD# 2458569) regarding stock losses. Albert DeGaetano has been registered with Cabot Lodge Securities LLC in Independence, Ohio from September to November 2019, when he was terminated regarding, “Violated firms policy of Communications with the public. Violated firms policy of Private Securities Transactions.” Previously, Albert DeGaetano was registered with IFS Securities in Independence, Ohio from March to September 2019. Prior to that, Albert DeGaetano was registered with Edward Jones in Brecksville, Ohio from 2015 to 2019, when he was terminated regarding, “Concerns that registered representative effected transactions and account activity inconsistent with the account’s purpose without speaking with authorized persons.”
In November 2021, FINRA sanctioned Albert DeGaetano to pay a $7,500 civil and administrative penalty and suspended him for six months after he, “consented to the sanctions and to the entry of findings that he executed securities transactions in customer accounts without first obtaining their authorization or consent. The findings stated that DeGaetano executed securities transactions after speaking with a customer employee who was not an authorized party on the customer’s accounts. The securities transactions that included purchases of ETF bonds had a total principal value of approximately $7.2 million and generated approximately $113,000 in total trading costs. DeGaetano’s member firm reimbursed the customer for the trading costs associated with his unauthorized trading. DeGaetano also executed securities transactions with a total principal value of approximately $30,721 in three other customer accounts. The findings also stated that DeGaetano made materially inaccurate statements concerning the identity of his firm and his job title. DeGaetano used the online interface of two of his firms’ clearing firm to order business cards identifying DeGaetano as a senior vice president of the clearing firm. However, DeGaetano was never associated with or employed by the clearing firm and did not hold the title of senior vice president. Nevertheless, DeGaetano used these cards. DeGaetano also inaccurately referred to the clearing firm as his employer in calls he made to one of his firms and another individual.”
Albert DeGaetano Stock Loss Options
Albert DeGaetano has been the subject of one customer complaint, according to his CRD report:
January 2019. “Client alleges that the FA placed unauthorized buys and sells in the client’s accounts generating additional commissions and failed to timely sell assets in the account to transfer funds to the client.” The case was settled for $120,000. The complaint was regarding common and preferred stocks and took place while Albert DeGaetano was registered with Edward Jones.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Edward Jones may be liable for investment or other losses suffered by Albert DeGaetano’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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