Philip Marchese Suspended for Excessive Trading

Philip Marchese (CRD #5905008, Staten Island, New York) was suspended for 12 months and ordered to pay $50,000, plus interest, in deferred partial restitution to customers, for allegations of exercising de facto control over the customer accounts when he recommended high frequency trading in their accounts. Marchese’s trading in these accounts was excessive and unsuitable given the customers’ investment profiles. As a result of Marchese’s excessive trading, the customers suffered collective realized losses of $246,327 while paying total trading costs of $244,645, including commissions of $222,692. Marchese was registered with Spartan Capital Securities, LLC at the time of his suspension. The suspension is in effect from May 2, 2022, through May 1, 2023. (FINRA Case #2018056490301)

If you lost money on investments with Philip Marchese, we would like to discuss the possibility of you retaining our firm to represent you in an arbitration action concerning this conduct. Please contact The Schwartz Law Firm online to arrange a no-obligation consultation. Alternatively, call 866-618-0545 to immediately speak to a member of our team or email Matthew Schwartz at [email protected]