Alfonse Joseph Stazzone, Formerly of Monmouth Capital Management, Suspended by FINRA Following Allegations of Excessive and Unsuitable Trading

Stazzone is suspended from the financial industry in all capacities for a period of four months.

Alfonse Joseph Stazzone (CRD#: 4908107) was registered as a broker with Monmouth Capital Management from April until July of 2021. Previously, Stazzone was registered as a broker with Garden State Securities from 2019 until 2021.

Stazzone has nine disclosures on his BrokerCheck report. One customer dispute filed against Stazzone was denied and one was closed with no action taken.

August 2021 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: Without admitting or denying the findings, Stazzone consented to the sanctions and to the entry of findings that he engaged in excessive and unsuitable trading in a customer’s account. The findings stated that Stazzone and another registered representative with whom he worked recommended all of the trades in the customer’s account and the customer followed their recommendations. As a result, Stazzone exercised de facto control over the customer’s account. Stazzone recommended frequent trading that resulted in an annualized cost-to-equity ratio of 221.56, meaning that the customer’s account would have to grow more than 221 percent annually to break even. The customer paid over $173,000 in commissions.
• Resolution: Acceptance, Waiver & Consent (AWC)
• Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
• Amount: $5,000.00
• Sanctions: Suspension
• Registration Capacities Affected: All Capacities
• Duration: Four months
• Start Date: 9/7/2021
• End Date: 1/6/2022

August 2017 Customer Dispute

• Status: Settled
• Allegations: Starting when the account transferred to WFG in May 2013 client alleges churning and excessive trading, unsuitability, violation of minn. insurance statutes, breach of contract, violations of the federal and state securities laws, negligence, fiduciary duty, fraudulent misrepresentation and negligent misrepresentation, common law fraud, and consumer fraud.
• Damage Amount Requested: $975,727.00
• Settlement Amount: $60,000.00
• Broker Comment: Rep’s previous broker dealer was included in this arbitration and they have settled for 60,000. Rep did not contribute to settlement. The client dismissed the case against the rep prior to WFG settling with the client.

July 2013 Judgment / Lien

• Judgment/Lien Amount: $7,347.04
• Judgment/Lien Type: Tax

April 2013 Judgment / Lien

• Judgment/Lien Amount: $120,156.66
• Judgment/Lien Type: Tax
• Broker Comment: Current balance as of 06/19/13 is $23,754.79. Original lien balance was high because tax returns were not filed at the time of lien. When filedit reduced the amount owed substantially. Rep was notified of lien approximately early August 2012.

April 2013 Judgment / Lien

• Judgment/Lien Amount: $12,491.39
• Judgment/Lien Type: Tax
• Broker Comment: Rep was notified of lien approximately mid May 2013.

October 2012 Judgment / Lien

• Judgment/Lien Amount: $27,693.15
• Judgment/Lien Type: Tax
• Broker Comment: Rep was notified of lien in mid May 2013.

May 2012 Judgment / Lien

• Judgment/Lien Amount: $6,601.05
• Judgment/Lien Type: Tax

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Alfonse Joseph Stazzone. 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.