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HOUSTON, March 21, 2019 (GLOBE NEWSWIRE) -- Shepherd, Smith, Edwards & Kantas, LLP (SSEK Law Firm) is investigating claims involving William C. Gennity, a former broker, who has been barred indefinitely from the securities industry and penny stock trading by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Gennity’s securities bars came as a result of multiple investigations into allegations of churning, unauthorized trading, unsuitability, and misrepresentation. These allegations arise from Gennity’s time working as a broker for Alexander Capital, LP – a New York-based brokerage firm where he worked from 2012 - 2014. Prior to Alexander Capital, Gennity worked for Legend Securities, National Securities Corporation, J.P. Turner & Co. and Joseph Stevens & Co. At the time of his disbarment, Gennity was working for First Standard Financial Company, LLC.
On September 28, 2017, the SEC filed a complaint against Gennity – along with two other Alexander Capital brokers (Rocco Roveccio and Laurence Torres) – for various securities fraud violations, including “churning in customers’ accounts, unauthorized trading, hiding material information”, and making unsuitable recommendations. On March 1, 2019, the federal court for the Southern District of New York concluded the case through the entering of a “final consent judgment against a broker [Gennity] who was charged with defrauding customers by making unsuitable and unauthorized trades and churning customers’ accounts that enriched the broker at the customers’ expense.” As a result of this order, Gennity is required to pay $302,483, which includes $127,686 in disgorgement of commissions, $14,797 in interest, and a civil penalty of $160,000.
According to FINRA BrokerCheck, the SEC censured Alexander Capital in June 2018 and ordered the firm to pay approx. $411,000 for failing to supervise its three registered representatives (Gennity, Roveccio, and Torres) who engaged in numerous acts of investment fraud.
If you were a client of William C. Gennity or any of his former financial entities, please contact the law firm of Shepherd, Smith, Edwards & Kantas, LLP today for a free, confidential evaluation of your account(s). We have a team of attorneys, consultants, and staff with over 100 years of combined experience in the securities industry and in securities law that are ready to assist you in recovering your investment losses today.