Written by The White Law Group• October 28, 2019• 4:28 pm• Current Investigations

Erik P. Pica Broker Investigation

Financial Advisor Erik P. Pica, Joseph Stone Capital in New York, NY

Are you concerned about investments with Erik P. Pica in New York, NY? 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 disclosures on FINRA’s website, on October 24, the regulator filed a complaint against financial advisor Erik P. Pica in connection with allegations that he purportedly converted and

misused $200,000 from an elderly customer. According to FINRA, although the customer allegedly gave Pica $200,000 to deposit into the customer’s brokerage account at Joseph Stone, instead Pica purportedly directed the customer to write a check for $200,000 to “Light Capital Group,” a company reportedly owned by Pica.

Then, Pica allegedly transferred the money to his personal bank account, where he purportedly used it to fund the down payment on a home he reportedly purchased in his and his wife’s name, according to FINRA.

Further, FINRA alleges that since then, Pica purportedly lied repeatedly to his customer and Joseph Stone, about what he had done with the $200,000.

Pica purportedly provided false or misleading information

to FINRA staff during FINRA’s examination of Joseph Stone’s branch office on May 15 and 16, 2019. Pica also allegedly refused to provide

documents and information requested by FINRA staff, including the mortgage application he purportedly submitted to the bank in connection with the home he and his wife purportedly purchased allegedly using his customer’s money.

According to his FINRA BrokerCheck report, Pica is reportedly affiliated with Joseph Stone Capital in New York, NY and allegedly has seven customer complaint disclosures purporting sales practice misconduct, including three pending complaints. Details of the allegations include unsuitable investments, churning, negligent supervision and unauthorized trades, among others.

Investigating Potential Lawsuits

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

When brokers violate securities laws, such as misappropriating clients’ funds, 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.