Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Roy Failla (Failla) has been subject to three customer complaints. Failla is currently employed by First Standard Financial Company LLC (First Standard Financial). Many of the customer complaints against Failla concern allegations of high frequency trading activity also referred to as excessive trading, churning, unauthorized trading, and unsuitable investments.
In May 2018 a customer filed a complaint alleging unsuitable and unauthorized trading. The claim alleges $1,500,000 in damages and is currently pending.
In May 2010 a customer filed a complaint alleging churning, unsuitable trades, and misrepresentations claiming $417,000 in damages. The complaint was settled for $40,000.
In February 2010 a client filed a complaint alleging unauthorized trading, fraud, breach of fiduciary duty, and excessive trading and claimed $299,817 in damages. The claim was settled for $75,000.