November 21, 2023 – An AWC was issued in which Pinto was suspended from association with any FINRA member in all capacities for three months. In light of Pinto’s financial status, no monetary sanctions have been imposed. Without admitting or denying the findings, Pinto consented to the sanction and to the entry of findings that he willfully violated Reg BI and violated FINRA Rules 2111 and 2010 by recommending a series of trades in the account of a 68-year-old retiree that were excessive, unsuitable, and not in the customer’s best interest. The findings stated that Pinto recommended high frequency trading in the customer’s account, and the customer routinely followed his recommendations. As a result, Pinto exercised de factor control over the customer’s account. Pinto’s trading in the customer’s account generated total trading costs of $92,237, including $83,484 in commissions, and caused $141,051 in realized losses.
The suspension is in effect from December 18, 2023, through March 17, 2024. (FINRA Case #2018056490307)
Matthew Schwartz
Matthew Schwartz represents clients harmed by lawyers, accountants, insurance professionals, real estate agents, brokers, financial advisors, and other trusted professionals. He handles Florida litigation and nationwide FINRA arbitration. He has been recognized in The Best Lawyers in America® and named to the Best Law Firms® list.
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