FINRA Investigation: Erik P. Pica – Joseph Stone Capital, New York, NY

On July 22, 2019 The Financial Industry Regulatory Authority  (FINRA) reportedly made a preliminary determination to recommend that disciplinary action be brought against Erik Patrick Pica (Erik Pica), alleging that he violated FINRA rules by reportedly converting customer funds, and allegedly providing false or misleading information to Joseph Stone Capital, L.L.C. regarding the disposition of funds from a customer.

FINRA further alleges Pica provided false or misleading information to FINRA staff during on-the-record testimony on May 31, 2019.  Since these are only allegations and FINRA’s investigation is only beginning, Pica will have an opportunity to defend and attempt to refute FINRA’s allegations.

According to his FINRA BrokerCheck report, Pica is reportedly registered with Joseph Stone Capital in New York, NY since 2015. His broker report indicates 7 customer complaints reportedly filed against Pica since 2010.  Allegations include breach of fiduciary duty, negligence, unauthorized trading, unsuitability and churning, among others.

For more information on FINRA’s investigation, see FINRA case # 20190619475.

Investigating Potential Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that his former employers may have for failure to properly supervise Pica.

When brokers violate securities laws, such as making unsuitable recommendations or churning client 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 York. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

If you are concerned about your investments with Erik P. Pica, 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.