Written by The White Law Group• October 1, 2021• 8:20 pm• Blog, Current Investigations, Securities Fraud Articles

Former Worden Advisor Joseph Valdini has Churning Complaints

FINRA Bars Joseph Validini from Securities Industry after Allegations

According to the Financial Industry Regulatory Authority (FINRA), financial advisor Joseph Valdini (CRD#: 5517610) has two pending customer complaints on his broker report seeking damages in excess of $2 million. This comes after the regulator barred Valdini after he reportedly failed to request termination of his suspension within three months of the date of the Notice of Suspension.

On August 9, 2021 a customer reportedly filed a complaint for allegations of “Churning and violations of SEC Rule 10b-5; qualitative and quantitative unsuitability; breach of fiduciary contract; negligent misrepresentations and omissions; and violations of FINRA Rule 2010.” The alleged activity reportedly occurred between September 2015 and September 2019 and the customer is damage amount requested is $1,277,631.00.

An earlier complaint was filed on February 14, 2020 seeking damages of $1 million alleging “Churning/excessive trading; common law fraud; NY Consumer Protection Act violations; breach of fiduciary duty; breach of contract; negligence, negligent misrepresentation and omissions; and negligent supervision.”

According to Valdini’s FINRA broker report, he was affiliated with the following firms, during his career:

02/02/2016 – 05/15/2017, AEGIS CAPITAL CORP. (CRD#:15007), MELVILLE, NY
11/24/2014 – 01/28/2016, WORDEN CAPITAL MANAGEMENT LLC (CRD#:148366), GARDEN CITY, NY
09/19/2008 – 11/25/2014, J.D. NICHOLAS & ASSOCIATES, INC. (CRD#:44791), SYOSSET, NY

Valdini’s broker report further indicates that he had an “employment separation after allegations” from his former member firm, Worden when voluntarily resigned after “unauthorized trade(s)” on January 27, 2016.

Recovery of Investment Losses

The White Law Group is investigating potential securities fraud claims regarding the liability that Joseph Valdini’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unauthorized transactions or excessive trades, 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 Seattle, Washington. 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.