Sapareto is also accused of making misleading or false statements in connection with his outside business activities.
Frank Sapareto (CRD#:2274877) was registered as a broker with Trustmont Financial from April 2019 until May 2020. Previously, Sapareto was registered as a broker with Fortune Financial Services from January 2, 2019 until January 15, 2019.
Sapareto has two disclosures on his BrokerCheck report.
March 2021 Regulatory Judgment
- Status: Pending
- Initiated By: FINRA
- Allegations: Sapareto was named a respondent in a FINRA complaint alleging that he engaged in an OBA without providing prior written notice to his member firm. The complaint alleges that Sapareto created a corporate entity for the purpose of producing and marketing a film. Sapareto paid over $8,000 for camera equipment, fees for actors, and to rent a cabin in which to film the movie. The firm learned about the OBA when Sapareto was sued in connection with his activities with the entity, and it promptly terminated Sapareto. The complaint also alleges that FINRA then commenced an investigation. Throughout that investigation, Sapareto repeatedly provided false or misleading information to FINRA to conceal his involvement in his OBA. Sapareto provided false or misleading information in response to a written request for information and false or misleading sworn testimony to FINRA during an on-the-record interview. Among other things, Sapareto falsely told FINRA that the entity was formed without his knowledge or consent, that he was not involved in producing a movie, that he had not exchanged emails with a third party about producing the movie, and that he had not spent money in furtherance of entity’s activities.
October 2018 Employment Separation After Allegations
- Firm Name: Advisory Group Equity Services, Ltd.
- Termination Type: Discharged
- Allegations: Mr. Sapareto formed Standard Video, LLC on June 6, 2018. This was done without receiving prior written approval from the Firm. This is a clear violation of our policies and FINRA Rule 3270.
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The Sonn Law Group is currently investigating allegations surrounding Frank Sapareto. 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.