Investigation: John Corsi of Sterne Agee Financial Services

The Sonn Law Group is investigating claims related to broker John Corsi (FINRA CRD#: 1268728). On January 3_rd, 2017 John Corsi was suspended 20 months by FINRA for engaging in an outside business activity (OBA) without first providing written notice to his member firm, and for recommending unsuitable investments.

If you have worked with John Corsi and suffered losses because of these wrongful actions, Sonn Law Group is interested in hearing from you to discuss possible legal remedies. Call us now at 305.912.3000 or fill out our short contact form to speak with a legal representative from our firm about your experience with John Corsi.

Here are the complete details of FINRA’s disciplinary actions against John Corsi on its website:

Initiated By – FINRA

Allegations

Without admitting or denying the findings, Corsi consented to the sanctions and to the entry of findings that he engaged in an outside business activity (OBA) without first providing written notice to his member firm. The findings stated that though Corsi disclosed his OBA to the firm, he only described his position as manager of sales and customer service, and failed to disclose his role in fundraising. Corsi was obligated to disclose the complete nature and scope of his involvement with the entity to the firm in writing, in accordance with the firms’ WSPs. Corsi failed to do so.

The findings also stated that Corsi failed to disclose the existence of securities issued by his OBA that he was recommending to firm customers for compensation. Corsi participated in private sales of $1,790,041 worth of these securities. Corsi did not notify the firm of, or obtain its approval to participate in, any of the private security sales.

The findings also included that with respect to three customers, Corsi unsuitably recommended they invest a significant portion of their stated net-worth in the securities issued by his OBA, which contained a heightened risk.

Resolution
Acceptance, Waiver & Consent (AWC)

Sanctions
Civil and Administrative Penalty(ies)/Fine(s)

Amount
$20,000.00

Sanctions
Suspension

Duration
20 months