Broker Investigation: Douglas Leone

Douglas LeoneDouglas Leone (CRD#: 2453784) is a formerly registered securities broker. From 2013 to 2017, Mr. Leone was employed at Salomon Whitney Financial in Melville, New York. This representative has also been associated with Newport Coast Securities (2008-2013), Basic Investors (2005-2008), Joseph Stevens & Company (2002-2005), and Advanced Planning Securities (2000-2002).

In May of 2018, FINRA barred Douglas Leone from the securities industry. According to investigators, Mr. Leone violated FINRA Rule 8210 when he knowingly failed to provide on-the-record testimony that had been requested by the agency. Here, our investment fraud team provides an overview of the other recent allegations of misconduct raised against this broker.

Investor Complaints: Douglas Leone

In 2017, FINRA opened a comprehensive investigation into the conduct of broker Douglas Leone. According to investigators, this review revolved around allegations that Mr. Leone made unsuitable investment recommendations and engaged in excessive trading while he was employed at Salomon Whitney Financial. Brokers must have a reasonable basis to believe that all transactions are suitable for customers. The churning of an investor’s account is a serious violation of industry rules. Notably, the complaints against this broker have been brought by multiple different investors.

However, when FINRA began to pursue this investigation, Mr. Leone knowingly declined to cooperate with the agency. He failed to appear for on-the-record testimony and he decided not to provide documents and records requested by FINRA. As a result of his conduct, Douglas Leone has been indefinitely barred from associating with any FINRA member firm in any capacity.

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