Written by The White Law Group• January 4, 2024• 6:56 pm• Broker Investigations

John Petrone, Farmers Financial, Barred by FINRA

John Petrone Allegedly Misappropriated Customer Funds

According to public records posted on FINRA’s website, broker John Petrone (CRD #5634972) formerly registered with Farmers Financial Solutions in Willowick, Ohio, was reportedly barred from the securities industry this week after allegations of “trading in an elderly customer’s accounts and potential misappropriation from that customer.”

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Petrone allegedly failed to provide the requested documents in an investigation by the Financial Industry Regulatory Authority Inc. (FINRA). The securities regulator barred him from the industry as of December 15, 2023.

According to Petron’s broker report, the Ohio Department of Insurance reportedly suspended and terminated Petrone’s license on November 20, 2023, for “Improperly withholding, misappropriating, or converting any money or property received in the course of doing business.”

FINRA BrokerCheck: John Petrone

The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.

According to John Petrone’s FINRA BrokerCheck report, he reportedly has 3 disclosures on his broker record, including a pending criminal charge from the state of Ohio.

Petrone was reportedly affiliated with the following firm during his career:

03/16/2009 – 12/31/2022, FARMERS FINANCIAL SOLUTIONS, LLC (CRD#:103863), WILLOWICK, OH

Filing a Complaint against your Brokerage Firm

FINRA has regulations in place to ensure advisors act in the best interest of their clients (known as the fiduciary duty), but it’s wise for investors to stay informed and ask for clarification about any recommendations made by their advisor.

When brokers abuse client accounts and conduct transactions that violate securities laws, 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.

If you have suffered investment losses with John Petrone, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.

Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.

With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their securities fraud losses. For more information, please visit our website, www.whitesecuritieslaw.com.