Craig Taddonio, Brent Porges, Edward Beyn – Excessive Trading & Failure to Exercise Reasonable Supervision
Edward Beyn Allegedly Excessively Traded Customer Accounts while at Craig Scott Capital while Firm Principals Taddonio and Brent Morgan Porges Allegedly Failed to Exercise Reasonable Supervision in Light of Purported Red Flags of Excessive Trading
Edward Beyn allegedly engaged in excessive trading while Craig Scott’s Taddonio and Brent Morgan Porges allegedly failed to exercise reasonable supervision in light of red flags indicating that Beyn and other registered representatives were allegedly, or might be, excessively trading customer accounts, according to a Complaint from FINRA’s Department of Enforcement currently under review by attorneys Alan Rosca and James Booker.
Peiffer Rosca Wolf securities practice lawyers are investigating Edward Beyn’s alleged excessive trading and Brent Porges and Craig Taddonio’s alleged failure to exercise reasonable supervision.
Investors who believe they may have lost money in activity related to Edward Beyn’s alleged excessive trading and Brent Porges and Craig Taddonio’s alleged failure to exercise reasonable supervision Glenn are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.
What is more, Taddonio and Porges also allegedly each gave false testimony to FINRA, according to the aforementioned Complaint.
Taddonio, Porges and Beyn Barred by FINRA for Alleged $5 Million Account Churning Scheme; FINRA Has Levied No Fines or Imposed Restitution as Two of the Three have Filed for Bankruptcy
Craig Scott Capital, from January 2012 through December 2014, and its owners “had fostered a culture of aggressive and excessive trading of customer accounts”, according to the aforementioned Complaint from FINRA’s Department of Enforcement presently being reviewed by attorneys Alan Rosca and James Booker.
The Complaint further alleges that the firm’s culture encouraged brokers to implement upcoming earnings announcements to spark recommendations of thousands of short-term trades in customer accounts which purportedly led to $5 million in commissions while customers suffered over $9 million is losses.
Beyn has allegedly not been ordered to pay restitution by FINRA because he is in the midst of filing for bankruptcy, and the FINRA Panel also reportedly did not impose monetary sanctions against Taddonio, because he also has filed for bankruptcy, the Complaint states.
Porges, meanwhile, has not filed for bankruptcy and will reportedly not be subject to monetary sanctions, the Complaint notes.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged investment fraud and are currently investigating Edward Beyn’s alleged excessive trading and Brent Porges and Craig Taddonio’s alleged failure to exercise reasonable supervision. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Edward Beyn’s alleged excessive trading and Brent Porges and Craig Taddonio’s alleged failure to exercise reasonable supervision may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at firstname.lastname@example.org or email@example.com.