The Financial Industry Regulatory Authority Inc. has barred former First Standard broker Philip Sparacino for failing to take part in a hearing looking into allegations of churning.
First Standard permitted Mr. Sparacino to resign on Oct.14, 2019, due to an order by the New Jersey Bureau of Securities revoking his registration and the registration of the firm as a broker-dealer in the state. Earlier, Finra began investigating allegations that Mr. Sparacino engaged in unauthorized, excessive and unsuitable trading while registered through First Standard.
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New Jersey officials imposed a $250,000 civil and administrative penalty on Mr. Sparacino.
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