Foronda is facing an investigation after a preliminary determination that he violated FINRA Rules.
The Sonn Law Group is investigating allegations that Albert Foronda committed misconduct. 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) was served with a Wells Notice, issued by FINRA, making a preliminary determination to recommend disciplinary action against Albert Foronda.
This action is for allegedly violating “FINRA Rule 2010 for unauthorized transactions and violation of NASD Rule 2510(b) and FINRA Rule 2010 for exercising discretion without written authorization.” This regulatory investigation remains pending.
Foronda is also the subject of two customer complaints. The most recent was filed in May 2019. The complainant alleges unsuitable recommendations, excessive trading, and negligence. The complainant is seeking $650,000 in damages. This matter is still pending.
Another customer complaint was filed in April 2018 alleging breach of fiduciary duty, breach of contract, and negligence. The complainant is seeking $90,000 and the matter is still pending.
Foronda was the subject of a customer complaint in July 2017 that was settled for $14,000. There, the complainant alleged unauthorized transactions were conducted in his account.
Foronda has been employed by Spartan Capital Securities since 2017. Prior to that, he was employed by Worden Capital Management from 2016 to 2017. Previously he was employed by Legend Securities from 2011 to 2015. Legend Securities has since been expelled from FINRA.
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The Sonn Law Group is currently investigating allegations that brokers recommended unsuitable investments. 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.