Philip Orezio Fatta (Phil Fatta) – Financial Advisor/Broker Phil Fatta Suspended from the Securities Industry

Philip Orezio Fatta (Phil Fatta) – Financial Advisor/Broker Phil Fatta Suspended from the Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses

Philip Orezio Fatta (Phil Fatta) CRD #1467533

Phil Fatta was a previously licensed financial advisor/broker with Spartan Capital Securities, LLC, Blackbook Capital, LLC, and IAA Financial LLC. FINRA reports that Phil Fatta was fined $5,000 and suspended from the securities industry for four months in May 2018. According to Phil Fatta’s BrokerCheck Report, Phil Fatta was also suspended from the securities industry indefinitely or until all required payments are made in June 2017 and November 2017.

According To FINRA:

Regarding Phil Fatta’s suspension in May 2018, Phil Fatta consented to the sanctions and to the entry of findings that Phil Fatta engaged in quantitatively unsuitable trading in the account of a customer. The findings stated that the customer, who is now retired, had limited financial wherewithal. Phil Fatta recommended the trading for the customer’s account and the customer followed such recommendations. The findings also stated that Phil Fatta had de facto control over the customer’s account. This trading resulted in an annualized turnover rate of seven and an annualized cost-to-equity ratio of 41 percent. During this period, the customer’s account sustained a loss of approximately $98,000.

Regarding Phil Fatta’s suspensions in June 2017 and November 2017, Phil Fatta failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

According to Phil Fatta’s BrokerCheck Report, two customer disputes were filed alleging sales practice violations against Phil Fatta. These two customer disputes resulted in an Arbitration Award for the customer.

Customer Dispute (5/25/2016): Allegations against Phil Fatta are unsuitability, breach of contract, churning, fraud, failure to supervise, breach of fiduciary duty, and negligence. Phil Fatta was found jointly and severally liable to pay $517,607.68 and individually liable to pay $67,188.35 in compensatory damages awarded to the customer. This Award has not been paid.

Customer Dispute (8/25/2015): Allegations against Phil Fatta are churning, suitability, unauthorized trading, negligence, breach of fiduciary duty, breach of contract, misrepresentation, lost opportunity, and disgorgement. Phil Fatta was found jointly and severally liable to pay $31,276.98 in compensatory damages awarded to the customer. This Award has not been paid.

Goodman & Nekvasil P.A. May Recover Investor Losses

If you lost money on investments with Phil Fatta 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 Phil Fatta’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 $180 million on behalf of victimized investors. If you lost money on investments with Phil Fatta 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 7/30/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.

 

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