Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Simone alfredo Garofalo (Garofalo), previously associated with Cambridge International Securities, LLC, has at least one disclosable event. These events include one tax lien, alleging that Garofalo recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on September 05, 2024.
Without admitting or denying the findings, Garofalo consented to the sanctions and to the entry of findings that while registered with FINRA as a foreign associate, he engaged in securities activities with and for persons in the United States without the required registration to do so. The findings stated that Garofalo used email and phone communications to discuss securities transactions and exchange related paperwork with investors and broker-dealers located in the United States. Garofalo through his member firm earned a commission by facilitating a private secondary securities transaction between two investors located in the United States. Garofalo helped to introduce and exchange documents and information between the investors, through two other broker-dealers also located in the United States. In addition, Garofalo introduced a seller of certain private company shares to an investor, and exchanged documents and information between them, through other broker-dealers. All of the parties except Garofalo were located in the United States. Eventually, one investor wired $2.5 million to buy the shares before learning, through a different firm, that the seller did not own the shares. The investor’s funds were returned.
