WARNING! Impending Investigation – WILLIAM GENNITY and ROCCO ROVECCIO
William Gennity and Rocco Roveccio, formerly of Alexander Capital, Subject of SEC Complaint
Have you lost money with financial advisor William Gennity or Rocco Roveccio, formerly with Alexander Capital? We are investigating allegations made by the SEC (Securities and Exchange Commission), against William (or Billy) C. Gennity and Rocco Roveccio. SEC filed a complaint against Gennity and Roveccio, alleging that they recommended high cost, in-and-out trading, without having a reasonable basis that such was suitable for their customers.
The SEC alleged that from 2012 to 2014, Gennity and Roveccio engaged in frequent trading in customer accounts. They were alleged to have made numerous trades and generated commissions such that it would have been very difficult to achieve a positive return. For example, the SEC alleged that these accounts had cost-equity ratios of between of 98% for Gennity’s customers, and 74% for Roveccio’s accounts. That means those accounts would have needed to generate 98% and 74%, respectively, just to break-even from the costs of trading. The SEC further alleged that Gennity and Roveccio generated over $730,000 in commissions combined.
William “Billy” Gennity was a financial advisor and registered representative of Alexander Capital from April 2012 to October 2014. Rocco Roveccio was registered with Alexander Capital from June 2012 to October 2014. Gennity and Roveccio also work with First Standard Financial Company from October 2014 to the present. They worked at branch offices in Staten Island, New York. Gennity has been the subject of at least six customer complaints, and Roveccio has been the subject of four customer complaints, many alleging churning, excessive trading, and unsuitable investments.
Brokerage firms like Alexander Capital have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York and the New York City area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Alexander Capital.
Click to view: Roveccio, Rocco BrokerCheck 4.17.18
Click to view: Gennity, William BrokerCheck 4.17.18
If you lost money with William Gennity or Alexander Capital, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
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