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TAG | broker giving business to relatives
Apr/11
12
Boca Raton Broker, James Robert Riolo, Barred by FINRA
Comments off · Posted by admin in FINRA
James Robert Riolo (CRD #2609419, Registered Principal, Boca Raton, Florida)
submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Riolo consented to the described sanction and to the entry of findings that he referred customers of his member firm to entities controlled by his relative, who was purportedly engaging in trading off-exchange foreign currency (forex) contracts, but in fact was running a fraudulent scheme. The findings stated that the customers invested more than $3.3 million with one entity, and for referring these customers, Riolo received more than $960,000 from his relative. The findings also stated that both entities were fraudulent schemes and Riolo’s relative was subsequently convicted and sentenced in court for his fraudulent activities.The findings also included that customers that Riolo referred lost a combined amount of over $120,000. FINRA found that in referring these customers to his cousin and receiving compensation, Riolo engaged in an outside business activity, but did not provide written notice or receive approval from his firm. FINRA also found that Riolo falsely stated in signed monthly compliance questionnaires that he was not engaging in any outside business activity. In addition, FINRA determined that Riolo failed to respond to FINRA requests for information and documents.
This information was obtained on FINRA’s website.
If you feel you have been an alleged victim of James Robert Riolo, or have become of victim of a similar situation, please call a Securities Arbitration Lawyer for a free consultation on how to recover your losses. To speak with an attorney, call 888-760-6552, or visitwww.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
(FINRA Case #2010022499001)
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