Florida broker Christopher George Orlando has been permanently barred by the Financial Industry Regulatory Authority (“FINRA”) for excessive trading in customer accounts.
As a result of the excessive trading, the customers suffered collective realized losses of $483,680 and they paid trading costs of $581,216. This included paying $496,872 in commissions.
According to the Letter of Acceptance, Waiver and Consent (“AWC”) that Orlando entered into with FINRA, Orlando was registered through through FINRA former member firm Legend Securities, Inc. (“Legend”) from July 2015 through November 2016, and with Worden Capital Management LLC (“WCM”) from November 2016 through December 2019.
The allegations against Christopher George Orlando as stated in the AWC:
“From October 2015 through December 2018, while registered through Legend and then WCM, Orlando excessively traded 13 accounts of 12 customers in violation of FINRA Rules 2111 and 2010.”
“During the relevant period, Orlando engaged in quantitatively unsuitable trading in 13 customer accounts held by a total of 12 customers (one customer held two accounts). Orlando recommended high frequency trading in the 13 customer accounts, and he often recommended the sale of one security and the simultaneous investment of the sale proceeds into a new security within short time periods. Orlando’s customers routinely followed his recommendations and, as a result, Orlando exercised de facto control over the customers’ accounts.”
“Orlando’s trading of the 13 accounts resulted in high turnover rates and cost-to-equity ratios as well as significant losses . . .”
Fishman Haygood’s team of investment fraud lawyers represent investors who have suffered investment losses in claims against their brokers or financial advisors and the firms employing/supervising them, including due to excessive trading. If you believe that you may have suffered financial losses due to the misconduct of a financial professional, we may be able to help. Please contact us to discuss your potential claim.