FINRA’s Office of Hearing Officers recently obtained a default decision against David Cannata, a former broker of Brookstone Securities and Craig Scott Capital, barring him from associating with any FINRA member firm and ordering him to pay restitution of $1,566,298.14 to his customers. The default decision related to the disciplinary proceeding (No. 2013037857001) that FINRA had previously filed, alleging excessive trading, churning, and other misconduct.
According to his FINRA Broker Check report, David Cannata has been the subject of 8 customer complaints. In addition, a FINRA arbitration panel in FINRA Dispute Resolution No. 13-02069 recently issued an arbitration award against Brookstone Securities, Craig Scott Capital, Cannata, and others for compensatory damages of more than $330,000 plus $100,000 in punitive damages. The investors alleged the following causes of action: negligence, breach of fiduciary duty, churning, unsuitability, and unauthorized trading.
Fishman Haygood represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.
Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood lawyer today.