Ex-J.P. Turner broker accused of excessive trading in elderly client's account barred by Finra

Ex-J.P. Turner broker accused of excessive trading in elderly client's account barred by Finra
The regulator said Anthony Mastroianni Jr. churned an elderly client's account at two different brokerages.
DEC 09, 2016
The Financial Industry Regulatory Authority Inc. has barred a former J.P. Turner & Co. broker who allegedly churned an elderly customer's account. From 2011 to 2013, the broker, Anthony Mastroianni Jr., “engaged in excessive trading or churning in an elderly customer's account maintained at J.P. Turner and then at Alexander Capital” while he was associated with those broker-dealers, according to the Finra settlement released Thursday. Churning a client account is a common way for brokers to increase their commissions and violates industry rules and regulations. Mr. Mastroianni also “borrowed funds totaling $90,000 from that customer and an additional customer in four transactions, without notifying his firms or obtaining their approval,” according to the Finra order. J.P. Turner, which is no longer in business, had a reputation as a home to transactional brokers who at times ran into trouble with regulators and clients. Mr. Mastroianni, who neither admitted nor denied Finra's findings in the matter, did not appear before Finra for on the record testimony, according to the settlement. He could not be reached for comment. According to his BrokerCheck report, Mr. Mastroianni has seven “disclosure events,” including two pending customer disputes, on his profile. He was registered with J.P. Turner from 2009 to 2012 and then moved to Alexander Capital, where he was registered until 2013. [See: Adviser pleads guilty to theft of more than $1.6 million]

Latest News

RIA dealmaking accelerates as three firms hit AUM milestones
RIA dealmaking accelerates as three firms hit AUM milestones

Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing

VastAdvisor closes $1 million SAFE round from advisor-side backers
VastAdvisor closes $1 million SAFE round from advisor-side backers

Carson Group's Dani Fava, Jason Pereira of Woodgate Financial, and Sally George of Convergency Partners led the raise as the growth-tech startup builds out its AI platform and leadership bench.

Wells Fargo adds three advisor practices as recruiting rebound continues
Wells Fargo adds three advisor practices as recruiting rebound continues

New teams from William Blair, Ameriprise and UBS bring more than $560 million in combined client assets to the firm's employee and independent channels.

UBS will pay advisors 'handsomely' for banking starting next year
UBS will pay advisors 'handsomely' for banking starting next year

Regulators this year approved UBS Bank USA’s conversion to a nationally chartered bank.

SEC accuses Tricolor executives of hiding $800 million collateral hole
SEC accuses Tricolor executives of hiding $800 million collateral hole

How a subprime lender’s car-loan bonds allegedly unraveled before bankruptcy.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income