Jason Collichio – Financial Advisor/Broker Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Jason Collichio a/k/a Jason Paul Collichio CRD #4721799
Jason Collichio is a previously licensed financial advisor with Worden Capital Management. Jason Collichio is currently licensed with Landolt Securities, Inc.
According to FINRA, Jason Collichio was fined $5,000 and suspended from the securities industry in any principal capacity for three months in January 2021.
According to FINRA Allegations:
Collichio consented to the sanctions and to the entry of findings that he failed to reasonably supervise two former registered representatives at his member firm who engaged in a pattern of recommending unsuitable active trading strategies to customers and churned customer account. The findings stated that Collichio, the firm’s principal responsible for supervising the registered representatives, was aware of multiple red flags of excessive, unsuitable use of margin, and churning, including high cost-to-equity ratios and high turnover rates in customer account. Collichio did not reasonably investigate those red flags or otherwise take meaningful action to stop the misconduct. Notably, the firm placed the representatives on heightened supervision because each had three or more customer complaints alleging sales practice abuses within the preceding two years. Collichio’s responsibilities, among other things, included reviewing, on a daily basis, trading activity for excessive commissions or suitability issues. Yet, Collichio did not reasonably investigate the red flags. Rather, he generally assumed that such trading was reasonable for a customer with high net worth and speculative investment objective. Pursuant to the heightened supervision plans, Collichio was responsible for verifying with customers new account information when an account was opened, contacting customers, and conducting a monthly review of book and sales practices. Collichio, however, did not investigate the suitability of the trading in the customers’ accounts. One representative churned and excessively traded seven customers’ accounts who incurred realized losses of $1,834,834 from trading while paying $529,056 in commissions. Similarly, another representative churned and excessively traded the account for four customers who incurred realized losses of $1,170,635 from this trading, while paying $940,705 in commissions. Although Collichio sometimes suggested that representatives reduce future commissions or lower margin balances, he did not otherwise limit the trading or margin use in the accounts or discipline the representatives.
Goodman & Nekvasil, P.A. May Recover Investor Losses:
If you lost money on investments with Jason Collichio and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Jason Collichio’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $200 million on behalf of victimized investors. If you lost money on investments with Jason Collichio and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 10/20/2021 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.