(888) 637-5510

Written by 4:39 pm Blog, Current Investigations, Securities Fraud Articles

Broker Raymond J. Pirrello Jr. Barred from Securities Industry

Raymond J. Pirrello Jr. Broker Investigation, featured by Top Securities Fraud Attorneys, The White Law Group

Financial Advisor Raymond J. Pirrello Jr., Garden State Securities in Hackensack, NJ

Are you concerned about investments with Raymond J. Pirrello Jr. in Hackensack, NJ? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to public records on FINRA’s website, the Securities and Exchange Commission has barred Pirrello as of September 23, 2019 from working as a broker or investment advisor or otherwise associating with any securities broker dealer or investment advisor. The bar was reportedly in connection with the SEC’s investigation of allegations of insider trading in the securities of Radiant Systems, Inc., Midas Incorporated, Inc., and Brightpoint, Inc.

Further, the Financial Industry Regulatory Authority (FINRA) reportedly suspended Pirrello in November 2018 for 18 months after he allegedly exchanged business related text messages, using his personal cell phone, and business related emails, using an unauthorized personal email address, to engage in firm related business with a customer at his member firm, in alleged violation of firm rules.

Pirrello reportedly took no steps to retain or provide his firm with any of the text messages or emails he exchanged with the customer, all of which were purportedly deleted, causing the firm to fail to comply with its recordkeeping obligations.

According to FINRA, these communications included a written complaint by the customer claiming that as a result of Pirrello ‘s alleged misconduct, including failure to follow the customer’s instructions, the customer allegedly suffered approximately $300,000 in damages.

FINRA further alleged that Pirrello willfully failed to amend his Uniform Application for Securities Industry Registration or Transfer (Form U4) to disclose this customer complaint. He also purportedly provided misleading on-the-record testimony to FINRA stating that he did not send text messages to his customers. FINRA found that Pirrello allegedly paid two customers secretly in an attempt to settle the complaints, in violation of firm rules. He further purportedly attempted to hide his actions from his firm by allegedly falsely signed compliance attestations.

In addition to the suspension, Pirrello was reportedly fined $20,000.

According to his FINRA BrokerCheck report, Pirrello was reportedly affiliated with Garden State Securities in Hackensack, NJ for 8 years. He has 11 customer complaints on his broker profile. Allegations include “aggressive and unauthorized trading”, suitability, churning, and negligence, among others.

Investigating Potential Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that Pirrello ’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unauthorized trades or churning customer accounts, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including New Jersey. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

If you are concerned about your investments with Raymond J. Pirrello ,Jr., please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.


Tags: , , , , , , Last modified: December 19, 2022