The Securities and Exchange Commission has entered an Order permanently barring Staten Island, New York-based broker William C. Gennity from the securities industry. The SEC’s Order includes findings that Mr. Gennity, while a registered representative of Alexander Capital, L.P., engaged in a pattern of high-cost in-and-out trading without any reasonable basis to believe that his recommendations were suitable for anyone (a.k.a. “churning”).
The SEC also found that Gennity’s recommendations resulted in losses for the customers and ill-gotten gains for Gennity; the recommendations were incompatible for the customers’ financial needs, investment objectives, risk tolerance, and circumstances (i.e., “unsuitable); Gennity concealed material information and made material misrepresentations to his customers; churned customer accounts, and made unauthorized trades in customer accounts.
The SEC sanctioned Gennity by barring him from association with any broker, dealer, investment adviser, or from acting in any other capacity in association with the securities industry. Gennity separately was ordered to pay total financial penalties of over $300,000 in the form of sanctions and disgorgement of his ill-gotten gains.
Gennity’s FINRA BrokerCheck report details two additional regulatory events against him and seven customer complaints brought against Gennity in FINRA arbitration. Gennity’s regulatory events and customer complaints span two firms: Alexander Capital, L.P. and First Standard Financial Company.
If you or someone you know lost money as a client of William Gennity, Alexander Capital, L.P., or First Standard Financial Company due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.