Articles Tagged with Boca Raton Florida Excessive Stockbroker Trading Lawyer

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According to a Default Decision recently issued by the Financial Industry Regulatory Authority (FINRA), David Cannata, formerly employed by Craig Scott Capital, has been permanently barred from working as a stockbroker in the securities industry. Mr. Cannata was named in a FINRA Complaint for allegedly engaging in a pattern of unsuitable and excessive trading in accounts of three customers, one of whom was a 92 year old retiree, causing the clients to collectively suffer losses of $1,566,298.14.

According to FINRA, Mr. Cannata had de facto control over the customers’ accounts and employed a trading strategy which generated extraordinary levels of activity and disregard of his customers’ interests and financial objectives, thereby maximizing his own compensation.   For example, FINRA alleged with respect to the account of the 92 year old retiree, Mr. Cannata engaged in 128 trades in a span of 5 months, generating over $95,000 in commissions and fees.  In another customer’s account, Mr. Cannata allegedly engaged in 1,680 trades in a nine month time span, generating over $690,000 in commissions and fees. Continue reading →