Investigation: Former Alexander Capital FA William Gennity Barred

investigation-former-alexander-capital-fa-william-gennity-barredWilliam Gennity (CRD#: 4913490) is a previously registered securities broker. From October 2014 to November 2018, Mr. Gennity was employed at First Standard Financial Company in Staten Island. New York. Prior to that, he was associated with Alexander Capital.

In December of 2018, this broker was suspended by FINRA for his failure to respond to a request for information — a violation of FINRA Rule 8210.

On March 4th, 2019, the Securities and Exchange Commission (SEC) announced that it had obtained an order against broker William Gennity for defrauding customers through unsuitable trades and unauthorized transactions.

SEC Complaint: Ex-Alexander Capital Financial Advisor William Gennity

In a complaint filed in the Southern District of New York, the SEC alleged that former Alexander Capital broker Williams Gennity engaged in a pattern of excessive trading and unauthorized trading — causing more than $683,038 in financial losses for his customers. In doing so, Mr. Gennity took in nearly $280,000 in personal commissions and fees. The misconduct occurred while William Gennity was a representative of Alexander Capital (2012 to 2014).

The final judgement obtained by the SEC requires Mr. Gennity to pay $302,483 in financial penalties. These penalties include a civil fine, disgorgement of ill-received gains, and payment of prejudgment interest. Without admitting to any wrongdoing, Mr. Gennity consented to the findings of the SEC and accepted a permanent bar from the industry.

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