Finra bars former First Standard rep being investigated for churning
1
Philip Sparacino, a hearing no-show, had licensed revoked by New Jersey regulators.
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.
[More: New Jersey revokes registration of First Standard Financial over 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.
[Recommended video: Personalization and custom communications are key to the evolving client experience]
New Jersey officials imposed a $250,000 civil and administrative penalty on Mr. Sparacino.
Our final Women Adviser Summit of 2019 will be held in New York City. Register now.
Learn more about reprints and licensing for this article.
