Bad Brokers

According to FINRA, Michael Philip Capolongo (CRD #5702165), a registered representative based in Bethpage, New York, was barred from the securities industry effective January 9, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA...

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According to FINRA, Michael Philip Capolongo (CRD #5702165), a registered representative based in Bethpage, New York, was barred from the securities industry effective January 9, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number is 2021073144301.

FINRA Rule 9552(h) authorizes FINRA to permanently bar individuals from the securities industry when they fail to respond to requests for information during regulatory investigations. This rule exists because FINRA's effectiveness as a self-regulatory organization depends entirely on the willingness of registered individuals to cooperate with investigations and examinations. Without such cooperation, potential misconduct could go undetected and investors could remain at risk.

The case number associated with Capolongo's bar, 2021073144301, suggests that the underlying investigation may have originated as far back as 2021. The length of time between the initiation of the investigation and the imposition of the bar is not uncommon. FINRA typically provides individuals with multiple opportunities to respond to information requests before resorting to expedited proceedings under Rule 9552. The fact that Capolongo was ultimately barred indicates that he did not avail himself of those opportunities.

When a registered representative is barred under Rule 9552(h), it is important to understand that the bar is based on the failure to cooperate, not necessarily on a finding of the underlying misconduct being investigated. However, the refusal to provide information often raises significant concerns about what the individual may be attempting to hide. Courts and regulators have long recognized that the obligation to cooperate with regulatory investigations is a cornerstone of investor protection in the securities industry.

For investors who may have worked with Michael Philip Capolongo, this bar means he is permanently prohibited from associating with any FINRA member firm. Investors should be aware that if any individual who has been barred by FINRA attempts to sell securities or provide investment advice, that activity is unauthorized and potentially illegal. Investors are encouraged to always verify the registration status of anyone offering investment advice or services by using FINRA's BrokerCheck tool, which is available free of charge online. Staying informed about the disciplinary history of financial professionals is one of the most effective steps investors can take to protect their assets.

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According to FINRA, Stalin Alfredo Cruz (CRD #2503461), a registered representative based in Bayside, New York, was barred from the securities industry effective January 16, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case...

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According to FINRA, Stalin Alfredo Cruz (CRD #2503461), a registered representative based in Bayside, New York, was barred from the securities industry effective January 16, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number is 2020066757802.

FINRA Rule 9552(h) empowers FINRA to permanently bar individuals from the securities industry when they fail to cooperate with regulatory investigations by not providing requested information. The obligation to cooperate with FINRA is a condition of registration in the securities industry. Every individual who obtains a securities license agrees to be bound by FINRA's rules, which include the duty to respond to information requests promptly and completely.

The case number assigned to Cruz's matter, 2020066757802, indicates that the underlying investigation likely began in 2020, meaning this matter was pending for approximately four years before the bar was imposed. This extended timeline suggests that FINRA made repeated efforts to obtain the requested information and gave Cruz ample opportunity to comply before taking final action. The fact that Cruz did not provide the information despite this extended period led to the permanent bar.

A bar under Rule 9552(h) is among the most severe sanctions FINRA can impose through its expedited proceedings. It permanently prohibits the individual from associating with any FINRA member firm in any capacity, whether as a registered representative, a supervisor, or in any other role. This effectively ends the individual's career in the mainstream securities industry.

For investors, particularly those in the Bayside, New York area who may have worked with Stalin Alfredo Cruz, this action means he can no longer legally conduct securities business through any FINRA-regulated firm. Investors who had accounts managed by Cruz should ensure their accounts have been properly transitioned to another qualified representative. Additionally, investors should be vigilant about verifying the credentials and disciplinary history of any financial professional they work with. FINRA's BrokerCheck tool provides free access to the registration and disciplinary records of brokers and firms. Regularly checking this resource helps investors avoid working with individuals who have been sanctioned or barred by regulators, thereby reducing their risk of becoming victims of fraud or other misconduct.

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According to FINRA, Michael Fasciglione (CRD #1806486), a registered representative based in Bellmore, New York, was barred from the securities industry effective January 2, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case...

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According to FINRA, Michael Fasciglione (CRD #1806486), a registered representative based in Bellmore, New York, was barred from the securities industry effective January 2, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number is 2023078623001.

FINRA Rule 9552(h) provides for the automatic bar of individuals who fail to respond to FINRA's requests for information during regulatory investigations. This rule is a critical enforcement mechanism because it ensures that individuals cannot simply ignore FINRA's inquiries and continue working in the securities industry. The rule reflects the principle that cooperation with regulatory oversight is not optional for securities professionals; it is a fundamental condition of the privilege of working in the industry.

Michael Fasciglione's CRD number, 1806486, suggests he has been in the securities industry for a significant period of time, as lower CRD numbers are typically assigned to individuals who registered earlier in their careers. The fact that a long-tenured industry professional would fail to cooperate with a FINRA investigation is particularly concerning, as experienced professionals are well aware of their regulatory obligations and the consequences of non-compliance.

When FINRA initiates an investigation and requests information from a registered representative, that individual is required to respond fully and truthfully. The information requested may relate to customer complaints, suspicious transactions, outside business activities, or any number of other regulatory concerns. By failing to provide the requested information, Fasciglione prevented FINRA from completing its investigation, which could have implications for investor protection if the underlying concerns involved customer harm.

For investors, this case reinforces the importance of monitoring the regulatory status of financial professionals. A bar from the securities industry is a permanent action, meaning Fasciglione cannot legally associate with any FINRA member firm going forward. Investors who previously worked with Fasciglione should review their account statements and consider whether any transactions or recommendations warrant further scrutiny. FINRA's BrokerCheck tool is a valuable free resource that allows investors to look up the complete regulatory history of brokers and firms. Taking the time to review this information before and during a relationship with a financial professional is an important step in protecting one's investments and financial well-being.

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According to FINRA, Isaiah Frection (CRD #7490696), a registered representative based in Metairie, Louisiana, was barred from the securities industry effective January 9, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case nu...

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According to FINRA, Isaiah Frection (CRD #7490696), a registered representative based in Metairie, Louisiana, was barred from the securities industry effective January 9, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number is 2022077199001.

FINRA Rule 9552(h) authorizes FINRA to impose a permanent bar on individuals who fail to provide information requested in connection with regulatory investigations. This rule is essential to maintaining the integrity of the securities industry because it ensures that FINRA can effectively carry out its mandate to protect investors. When registered representatives refuse to cooperate with investigations, they undermine the entire regulatory framework that exists to keep markets fair and investors safe.

The case number associated with Frection's bar, 2022077199001, suggests the underlying investigation began in 2022. FINRA typically allows individuals a reasonable period to respond to information requests and may send multiple notices before initiating expedited proceedings. The progression from initial request to final bar reflects a process designed to give individuals every reasonable opportunity to comply before the most severe sanction is imposed.

Isaiah Frection's bar means he is permanently prohibited from associating with any FINRA member firm in any capacity. This includes roles as a registered representative, an investment adviser representative, or in any supervisory or compliance capacity at a broker-dealer firm. The bar is effective nationwide and is recorded permanently in FINRA's Central Registration Depository (CRD) system, making it visible to any firm that conducts a background check and to any investor who uses FINRA's BrokerCheck tool.

For investors, particularly those in the Metairie, Louisiana area, this action serves as an important reminder that FINRA actively monitors and enforces compliance among securities professionals. Investors should always verify the registration status of anyone who offers investment advice or attempts to sell securities products. If a formerly registered representative who has been barred attempts to continue providing financial services, investors should report this activity to FINRA immediately. Staying informed about regulatory actions and using available tools like BrokerCheck are essential steps investors can take to safeguard their financial interests and ensure they are working with properly licensed and compliant professionals.

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According to FINRA, Richard Lynn Goldston (CRD #4176824), a registered representative based in Fort Scott, Kansas, was barred from the securities industry effective January 16, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA C...

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According to FINRA, Richard Lynn Goldston (CRD #4176824), a registered representative based in Fort Scott, Kansas, was barred from the securities industry effective January 16, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number is 2023078179701.

FINRA Rule 9552(h) is a provision that allows FINRA to permanently bar individuals from the securities industry when they fail to respond to requests for information during regulatory investigations or examinations. The rule recognizes that FINRA's ability to protect investors depends on the full cooperation of all registered individuals. When a broker or registered representative fails to provide requested information, FINRA treats this as a serious breach of the individual's obligations and may impose the ultimate sanction of a permanent industry bar.

The obligation to cooperate with FINRA is not merely a procedural requirement. It is a fundamental condition of holding a securities license. When individuals register with FINRA, they consent to the jurisdiction of the organization and agree to comply with its rules, including the requirement to respond to information requests. This agreement forms the basis of the self-regulatory model that governs the U.S. securities industry, and violations of this basic obligation are taken very seriously.

In the case of Richard Lynn Goldston, the bar indicates that FINRA made one or more requests for information and that Goldston failed to provide the requested information within the timeframes established under Rule 9552. The case number suggests the investigation originated in 2023, meaning the progression from investigation to bar occurred relatively quickly, which may indicate that Goldston made no effort to respond to FINRA's inquiries.

For investors, especially those in the Fort Scott, Kansas area who may have worked with Goldston, this bar has immediate practical implications. Goldston is now permanently prohibited from conducting securities business through any FINRA member firm. Investors who had accounts with Goldston should ensure their assets have been properly transferred and should review past transactions for any irregularities. As always, investors are encouraged to use FINRA's free BrokerCheck tool to research the background and disciplinary history of any current or prospective financial professional. This simple step can help investors identify potential red flags before entrusting their hard-earned money to a broker or adviser.

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According to FINRA, Johnathan Paul Hagood (CRD #6778355), a registered representative based in Los Angeles, California, was barred from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FIN...

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According to FINRA, Johnathan Paul Hagood (CRD #6778355), a registered representative based in Los Angeles, California, was barred from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number is 2023077635001.

FINRA Rule 9552(h) provides the authority for FINRA to permanently bar individuals from the securities industry when they fail to cooperate with regulatory investigations by not providing requested information. This rule is a cornerstone of FINRA's enforcement program because it ensures that no individual can evade regulatory scrutiny simply by refusing to respond to inquiries. The securities industry operates on the principle of transparency and accountability, and individuals who reject these principles are deemed unfit to serve the investing public.

The bar imposed on Johnathan Paul Hagood means that he is permanently prohibited from associating with any FINRA member firm. This prohibition extends to all capacities, whether as a registered representative, a principal, a supervisory employee, or any other associated person role. The bar is recorded in FINRA's Central Registration Depository and will appear on Hagood's BrokerCheck record indefinitely, serving as a permanent public record of this regulatory action.

When FINRA requests information from a registered representative, it is typically doing so as part of an investigation into potential rule violations or misconduct. The nature of the underlying investigation is not disclosed in the expedited proceeding, but the failure to respond is itself treated as a standalone violation. FINRA has consistently maintained that cooperation with investigations is a non-negotiable obligation for all registered individuals, and the consequences for non-compliance are severe.

For investors in the Los Angeles area and beyond who may have worked with Johnathan Paul Hagood, this action is an important development to be aware of. Investors should verify that their accounts have been properly handled and transitioned to another qualified representative if necessary. More broadly, this case reminds all investors of the importance of regularly checking the disciplinary records of their financial professionals. FINRA's BrokerCheck tool is freely available and provides detailed information about the registration history, qualifications, and any disciplinary actions associated with individual brokers and firms. Making use of this tool is one of the simplest and most effective ways to protect yourself as an investor.

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According to FINRA, Adriano Schultz (CRD #6110664), a registered representative based in Sparks, Nevada, was barred from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number ...

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According to FINRA, Adriano Schultz (CRD #6110664), a registered representative based in Sparks, Nevada, was barred from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number is 2023078838901.

FINRA Rule 9552(h) empowers FINRA to permanently bar individuals from the securities industry when they fail to provide information requested during regulatory investigations. This rule serves as a critical enforcement tool that reinforces the principle that all registered securities professionals must cooperate fully with their regulator. Without this cooperation, FINRA cannot effectively oversee the industry and protect the millions of investors who rely on the integrity of the securities markets.

The bar imposed on Adriano Schultz represents the most severe action available under FINRA's expedited proceedings framework. A permanent bar means that Schultz is prohibited from associating with any FINRA member firm for the remainder of his career. He cannot work as a registered representative, an investment adviser, a supervisor, or in any other capacity at a broker-dealer that is a member of FINRA. This sanction effectively removes him from the regulated securities industry.

It is important to understand that FINRA does not impose bars lightly under Rule 9552(h). Before a bar is imposed, the individual is typically given notice and an opportunity to respond. The expedited proceedings under Rule 9552 include safeguards to ensure that individuals have a fair chance to comply before the most serious sanctions are applied. The fact that a bar was ultimately imposed in Schultz's case indicates that he did not take advantage of these opportunities to provide the requested information.

For investors who may have worked with Adriano Schultz in Sparks, Nevada, or elsewhere, this bar should prompt a review of any previous transactions or account activity. While the bar itself is based on failure to cooperate rather than a specific finding of misconduct, the existence of an underlying investigation suggests that there may have been concerns about Schultz's conduct that warranted further review. Investors are encouraged to use FINRA's free BrokerCheck resource to stay informed about the regulatory status of their financial professionals and to report any suspicious activity to FINRA. Being proactive about monitoring your investments and the people managing them is essential to protecting your financial well-being.

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According to FINRA, Brittny Ann Stagnitto (CRD #7268244), a registered representative based in Fairfield, New Jersey, was barred from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA...

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According to FINRA, Brittny Ann Stagnitto (CRD #7268244), a registered representative based in Fairfield, New Jersey, was barred from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(h). The associated FINRA Case number is 2022073930001.

FINRA Rule 9552(h) authorizes FINRA to permanently bar individuals from the securities industry when they fail to provide information requested in connection with regulatory investigations. This provision is fundamental to FINRA's ability to regulate the securities industry effectively. The securities industry is built on trust, and a key component of maintaining that trust is the willingness of all participants to submit to regulatory oversight and cooperate with investigations when called upon to do so.

The case number associated with Stagnitto's bar, 2022073930001, indicates that the underlying investigation likely began in 2022. The progression from investigation to bar over approximately two years reflects the deliberate process FINRA follows before imposing its most severe sanction. During this time, Stagnitto would have received notice of the information request and been given opportunities to respond. Her failure to do so ultimately resulted in the permanent bar.

A permanent bar from the securities industry has far-reaching consequences. Brittny Ann Stagnitto is now prohibited from associating with any FINRA member firm in any capacity. This means she cannot sell securities, provide investment advice through a broker-dealer, or serve in any supervisory or compliance role at a FINRA member firm. The bar will remain on her CRD record permanently and will be visible to anyone who checks her background through FINRA's BrokerCheck system.

For investors, particularly those in the Fairfield, New Jersey area, this case underscores the critical importance of verifying the credentials and regulatory standing of anyone who provides financial advice or manages investments on your behalf. Investors should regularly check BrokerCheck for updates on their financial professionals and should be alert to any changes in registration status or new disciplinary actions. If you discover that a financial professional you have been working with has been barred or suspended, it is important to review your account statements carefully and consider seeking guidance from a qualified professional to ensure your investments are properly managed going forward.

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According to FINRA, Kwame Adusei (CRD #6166926), a registered representative based in LaGrangeville, New York, was suspended from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(d). The associated FINRA Cas...

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According to FINRA, Kwame Adusei (CRD #6166926), a registered representative based in LaGrangeville, New York, was suspended from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(d). The associated FINRA Case number is 2023079018901.

FINRA Rule 9552(d) addresses situations where registered individuals fail to provide information or keep their registration information current as required by FINRA rules. Unlike Rule 9552(h), which can result in a permanent bar, Rule 9552(d) provides for the suspension of an individual's registration until they come into compliance. This means that the suspension remains in effect until the individual provides the requested information or updates their records as required.

Keeping registration information current is a fundamental obligation for all securities professionals. FINRA requires registered individuals to promptly update their Form U4, which contains important information about their employment history, disciplinary record, customer complaints, financial disclosures, and other material facts. This information is made available to the investing public through FINRA's BrokerCheck system, and its accuracy is essential for investors to make informed decisions about whom to trust with their money.

When a registered representative like Kwame Adusei fails to keep this information current, it creates a gap in the regulatory record that can be harmful to investors. Outdated or missing information may conceal important facts about a broker's background, such as pending complaints, financial difficulties, or other red flags that investors deserve to know about.

The suspension means that Adusei is prohibited from conducting securities business or associating with a FINRA member firm until the matter is resolved. During the suspension period, any customers who relied on Adusei for investment advice or account management would need to work with a different representative.

For investors, this case highlights the importance of the transparency requirements that govern the securities industry. The information that brokers are required to keep current exists for the protection of investors, and failures to maintain this information are taken seriously by regulators. Investors should regularly check their broker's BrokerCheck profile to ensure that the information is up to date and to look for any new disclosures or disciplinary actions that may affect their decision to continue working with that professional.

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According to FINRA, Brittany Anderson (CRD #7581277), a registered representative based in Florence, South Carolina, was suspended from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(d). The associated FIN...

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According to FINRA, Brittany Anderson (CRD #7581277), a registered representative based in Florence, South Carolina, was suspended from the securities industry effective January 8, 2024, for failure to provide information or keep information current pursuant to FINRA Rule 9552(d). The associated FINRA Case number is 2023078125202.

FINRA Rule 9552(d) provides for the suspension of registered individuals who fail to provide information requested by FINRA or who fail to keep their registration information current. This rule is designed to ensure that FINRA maintains accurate and complete records about the individuals who are authorized to conduct securities business with the public. The suspension remains in effect until the individual comes into compliance by providing the requested information or updating their records.

The requirement to maintain current registration information serves multiple important purposes within the regulatory framework. First, it allows FINRA to conduct effective oversight of registered individuals. Second, it ensures that the information available to investors through BrokerCheck is accurate and complete. Third, it helps firms maintain proper supervision of their associated persons by ensuring that all material information about those individuals is readily available.

Brittany Anderson's suspension means that she was prohibited from engaging in any securities activities until she complied with the information request. This includes selling securities, providing investment advice, and receiving commissions or other compensation related to securities business. The suspension serves as both a consequence for non-compliance and an incentive to provide the requested information promptly.

It is worth noting that Anderson's case number, 2023078125202, is closely related to another case in this same set of disciplinary actions involving Quintosha Thomas (Case #2023078125201), who is also based in Florence, South Carolina. The sequential case numbers suggest these matters may be related, possibly involving the same firm or the same set of circumstances.

For investors in the Florence, South Carolina area, this action serves as a reminder to stay informed about the regulatory status of financial professionals. Investors should check FINRA's BrokerCheck regularly to review the records of their brokers and to verify that they are currently registered and in good standing. If you learn that your broker has been suspended, it is important to contact their firm to understand how your account will be managed during the suspension period and to ensure that your investments continue to be properly overseen.

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