(FINRA Case #2013039507101)
Anthony Sica (CRD #1332626, Sands Point, New York) – An AWC (Accept, Waiver & Consent)was issued in which Sica was fined $20,000, suspended from association with any FINRA member in all capacities for three months, required to pay $3,039.11, plus interest, in restitution to a customer and required to attend and satisfactorily complete 10 hours of continuing education concerning suitability or dealing with senior customers by a FINRA-approved provider.
Without admitting or denying the findings, Sica consented to the sanctions and to the entry of findings that he made unsuitable recommendations to an elderly customer living on a fixed income. The findings stated that Sica repeatedly recommended that the customer purchase high risk, speculative securities that were inconsistent with her investment profile.
Sica’s recommendations resulted in an undue concentration of the customer’s account, which represented substantially all of her liquid assets, in speculative securities. Further, Sica engaged in short-term, in-and-out trading of the speculative investments in the customer’s accounts, resulting in losses of more than $150,000.
The findings also stated that Sica engaged in unauthorized trading by placing trades in the Individual Retirement Accounts of a customer who he knew was deceased, causing aggregated losses on the trades totaling $3,039.11.
Sica is currently employed with Joseph Gunnar & Co. LLC (CRD# 24798). He has been at Joseph Gunnar & Co. LLC since 2003.
The suspension is in effect from December 18, 2017, through March 17, 2018.
If you feel you have been misled regarding investing and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.