Anthony Sica Barred by FINRA: History of Misconduct and Customer Complaints
The White Law Group is investigating potential claims involving former broker Anthony Sica (CRD# 1332626), who has reportedly been permanently barred by the Financial Industry Regulatory Authority (FINRA). If you have suffered investment losses with Sica, The White Law Group may be able to help you with recovery options.
With nearly four decades in the securities industry, Sica’s record includes multiple regulatory actions, customer disputes, and allegations involving unsuitable investment recommendations and high-risk private placements.
FINRA Bars Anthony Sica in 2026
On March 20, 2026, FINRA reportedly barred Anthony Sica after he refused to provide on-the-record testimony as part of an investigation into his firm’s practices involving public and private offerings of small-cap securities.
According to FINRA, Sica’s refusal to cooperate with its investigation constituted a violation of industry rules. As a result, he is now barred from associating with any FINRA member firm in all capacities.
Failure to cooperate with FINRA investigations is considered a serious violation, often resulting in an automatic bar.
Termination from Joseph Gunnar & Co.
Prior to his bar, Sica was reportedly discharged from Joseph Gunnar & Co. LLC in May 2024.
The firm reported that Sica failed to complete a required regulatory questionnaire (PAQ). According to disclosures, Sica stated that there were questions he “could not answer” and indicated that he would retire immediately rather than comply.
This type of separation—especially when tied to regulatory inquiries—can be a red flag for investors.
History of Unsuitable Recommendations and Regulatory Sanctions
Anthony Sica’s disciplinary history includes a significant FINRA action in 2017 involving unsuitable investment recommendations to an elderly client.
FINRA found that Sica:
- Recommended high-risk, speculative securities inconsistent with the client’s financial profile
- Concentrated a substantial portion of the client’s liquid assets in speculative investments
- Engaged in excessive trading (churning)
- Executed unauthorized trades, including transactions in accounts after a customer’s death
These actions reportedly resulted in losses exceeding $150,000.
As a result, FINRA sanctioned Sica with:
- A $20,000 fine
- Restitution to affected clients
- A three-month suspension
This case highlights concerns involving elder financial abuse and suitability violations, both of which are common in securities fraud claims.
Anthony Sica – Pattern of Customer Complaints and Settlements
Sica’s record also includes multiple customer disputes spanning decades, several of which resulted in substantial settlements:
- 2013: A customer dispute alleging unsuitable investments, excessive trading, and unauthorized trading settled for $302,500
- 2010 and 1991: Additional disputes resulted in settlements
- 2020 Arbitration: Allegations of fraud, negligent misrepresentation, breach of fiduciary duty, and unsuitable private placements, seeking $750,000 in damages
These allegations frequently involve:
- Private placements and alternative investments
- Unsuitable recommendations
- Misrepresentation of investment risks
A pattern of complaints—especially involving similar allegations—can indicate broader compliance failures.
Focus on Private Placements and High-Risk Investments
Many of the allegations against Sica center on private placement investments, which are often:
- Illiquid
- High-risk
- Difficult for retail investors to fully understand
FINRA’s recent investigation into Sica specifically targeted small-cap and private offerings, raising additional concerns about how these products were marketed and sold to investors.
Anthony Sica – Employment History and Industry Background
Over his 39-year career, Sica was registered with several firms, including:
- Joseph Gunnar & Co. LLC (2003–2024)
- Wachovia Securities, LLC
- Prudential Securities Incorporated
- Lehman Brothers Inc.
His long tenure in the industry makes the repeated disclosures and regulatory actions particularly noteworthy.
Investor Takeaways – Anthony Sica
The allegations and regulatory findings involving Anthony Sica raise several red flags for investors:
- Concentration in speculative investments
- Recommendations inconsistent with investor risk tolerance
- Excessive or unauthorized trading
- Sales of complex or illiquid private placements
- Failure to cooperate with regulatory investigations
Investors who suffered losses in similar circumstances may have options for recovery.
The White Law Group Is Investigating Claims
The White Law Group continues to investigate potential claims on behalf of investors who may have suffered losses due to broker misconduct, including cases involving Anthony Sica and Joseph Gunnar & Co. LLC.
If your financial advisor recommended unsuitable investments or you experienced significant losses, you may be able to recover damages through FINRA arbitration.
Frequently Asked Questions (FAQs)
What does it mean that a broker is barred by FINRA?
A FINRA bar means the individual is permanently prohibited from working for any FINRA-member brokerage firm in any capacity.
What are unsuitable investment recommendations?
Unsuitable recommendations occur when a broker suggests investments that do not align with an investor’s financial situation, risk tolerance, or investment objectives.
What are private placements?
Private placements are non-publicly traded investments that often carry higher risks, limited liquidity, and less regulatory oversight.
Can I recover losses from broker misconduct?
Yes. Investors may pursue recovery through FINRA arbitration if their broker engaged in misconduct such as unsuitable recommendations, fraud, or unauthorized trading.
Contact Us
If you invested with Anthony Sica or Joseph Gunnar & Co. LLC and experienced losses, contact The White Law Group today for a free consultation at (888)637-5510.
Last modified: March 26, 2026
