FINRA Bars Advisor Christopher Orlando after Allegations of Excessive Trading
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred Christopher Orlando (CRD #4136262) from associating with any FINRA member at any time.
FINRA says that From October 2015 through December 2018, while registered through Legend and then Worden Capital Management, Orlando allegedly excessively traded 13 accounts of 12 customers in violation of FINRA Rules 2111 and 2010.
FINRA found that Orlando purportedly engaged in quantitatively unsuitable trading in customer accounts by allegedly recommending high frequency trading. Orlando purportedly recommended the sale of one security and the simultaneous investment of the sale proceeds into a new security within short time periods, according to FINRA.
By allegedly exercising de facto control over the customers’ accounts, Orlando’s customers routinely followed his recommendations, according to FINRA.
Orlando’s trading was allegedly excessive and unsuitable given the customers’ investment profiles. As a result of Orlando’s excessive trading, the customers reportedly suffered collective realized losses of $483,680, while paying total trading costs of $581,216, including commissions of $496,872.
According to his FINRA broker profile, Orlando was registered with Worden Capital Management in New York, NY from 11/04/2016 – 12/17/2019). He currently has two customer complaints on his broker record.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating FINRA arbitration cases involving financial advisor Christopher Orlando and the liability Worden Capital Management may have for failure to properly supervise him.
When brokers abuse client accounts and conduct transactions that violate securities laws, such as making unsuitable investments recommendations, the brokerage firm they are working with may be liable for investment losses. 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.
If you suffered losses investing with Christopher Orlando and Worden Capital Management, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation, or visit us on the web at www.whitesecuritieslaw.com.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.
Tags: Christopher ORlando, securities fraud attorney, Securities Lawyer Last modified: June 30, 2023