VCS Venture Securities broker Joseph Audia (CRD# 2909761) is accused of unsuitable investment recommendations. He has been registered with VCS Venture Securities in Hauppauge, New York, since 2021. Previously, he was registered with Joseph Stone Capital L.L.C. in Hauppauge, New York, from 2013 to 2021.
In December 2021, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and suspended him for two months after he, “consented to the sanctions and to the entry of findings that he failed to reasonably supervise a registered representative, who excessively and unsuitably traded certain customer accounts.” FINRA found that there were “multiple red flags indicating excessive trading, including high cost-to-equity ratios and high turnover rates in those customer accounts,” however, it was found that he did not “reasonably investigate those red flags or otherwise take appropriate action to reduce the cost to equity ratios and turnover rates in those accounts.”
Joseph Audia Customer Complaints
He has been the subject of five customer complaints between 2002 and 2023, one of which was denied, according to his CRD report. The most recent complaints were regarding:
November 2023. “Churning, negligence & unsuitability, unauthorized trading, breach of fiduciary duty, breach of contract, unjust enrichment, negligent misrepresentation and omissions, lost opportunity damages and punitive damages. The claimant’s statement of claim as prepared by claimant’s counsel does not provide dates when the activities took place.” The customer is seeking $350,000 in damages, and the case is currently pending. The complaint took place while he was registered with Joseph Stone Capital L.L.C.
September 2023. “Suitability, negligence, lost opportunity.” The customer is seeking $295,531.50 in damages, and the case is currently pending. The complaint took place while he was registered with Joseph Stone Capital L.L.C. and VCS Venture Securities, and it was regarding equity OTC.
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, VCS Venture Securities may be liable for investment or other losses suffered by Joseph Audia’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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