Erez Law is currently investigating former SW Financial broker Biaggio Caroleo (CRD# 5256393) regarding unsuitable investment recommendations and churning. He was registered with SW Financial in New York, New York, from 2019 to 2022, Worden Capital Management LLC in New York, New York, from 2016 to 2019, and Legend Securities, Inc. in New York, New York, from 2013 to 2016.
Biaggio Caroleo Customer Complaints
He has been the subject of three customer complaints between 2020 and 2022, according to his CRD report:
October 2022. “Biaggio Caroleo was a subject of the customer’s complaint against his member firm that asserted the following causes of action: unsuitability, breach of fiduciary duty, breach of contract, negligence, unjust enrichment, strict liability, and failure to supervise.” The customer is seeking $10,900,000 in damages, and the case is currently pending. The complaint took place while he was registered with SW Financial.
March 2022. “Churning, excessive commissions, unauthorized trading, unsuitability, negligence, breach of contract, fraud.” The customer is seeking $210,180.83 in damages, and the case is currently pending. The complaint was regarding equity OTC and common and preferred stocks, and it took place while he was registered with Worden Capital Management LLC.
December 2020. “Churning and Qualitative and Quantitative Unsuitability, Breach of Fiduciary Duty, Breach of Contract, Negligent Misrepresentation and Ommissions. Activity between December 2017 – May 2018.” The customer is seeking $411,740 in damages; the case is currently pending. The complaint was regarding equity OTC and common and preferred stocks, and it took place while he was registered with Worden Capital Management LLC.
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, SW Financial may be liable for investment or other losses suffered by Biaggio Caroleo’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.
"*" indicates required fields
