Albert Foronda, Formerly of Legend Securities, Suspended by FINRA for Unauthorized Transactions

Foronda allegedly effected unauthorized transactions in customers’ accounts without authorization. 

The Sonn Law Group is investigating allegations that Albert Foronda effected unauthorized transactions. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Albert Foronda (CRD#: 5737620) accepted to sanctions and to the entry of findings that he affected unauthorized transactions in customers’ accounts without the customers’ verbal or written authorization for the trades.

The findings stated that Foronda sold one security a customer-owned and used the proceeds from the sale to purchase shares in another security that same day, without the customer’s authorization. The firm compensated the customer for losses on the transactions. 

Foronda also allegedly purchased shares in one security through two transactions and later sold shares of the same security in two separate transactions without another customer’s authorization. That customer suffered losses of $2,765 resulting from the unauthorized transactions.

The findings also stated that, while associated with the firm and another firm, Foronda effected transactions in customers’ accounts using discretion without written authorization from the customers and without the firms accepting the accounts as discretionary. 

Foronda was suspended for 45 days, fined $7,500, and ordered to pay $2,765 in restitution. 

In November 2019, FINRA opened an investigation into Foronda and recommended that disciplinary action be brought against him. Also in 2019, Foronda was the subject of a customer dispute. The customer alleged unsuitability, excessive trading, and negligence. The customer is requesting $650,000. The matter is still pending. 

In April 2018, Foronda was the subject of another customer dispute. The customer alleged breach of fiduciary duty, breach of contract, and negligence. The customer is seeking $90,000. The matter is still pending.

Contact Us Today

The Sonn Law Group is currently investigating allegations that Albert Foronda made unauthorized transactions We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.