Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Albert Foronda (Foronda), currently associated with Spartan Capital Securities, LLC (Spartan Capital), has been subject to at least three customer complaints and one regulatory investigation during his career. The majority of the customer complaints against Foronda concern allegations of high frequency trading activity also referred to as churning or excessive trading.
In November 2019 FINRA initiated an investigation into Foronda stating that FINRA made a preliminary determination to recommend that disciplinary action be brought against Foronda alleging violations for unauthorized transactions for exercising discretion without written authorization.
In May 2019 a customer complained that Foronda violated the securities laws by alleging that Foronda engaged in unsuitability, excessive trading, and negligence in handling of their account. The claim alleges $650,000 in damages and is currently pending.
In April 2018 a customer complained that Foronda violated the securities laws by alleging that Foronda engaged in breach of fiduciary duty, breach of contract, and negligence in handling of their account. The claim alleges $90,000 in damages and is currently pending.