FINRA Bars New Jersey Advisor Over Alleged Securities Violations and Refusal to Testify

Posted on January 24th, 2024 at 2:26 PM
FINRA Bars New Jersey Advisor Over Alleged Securities Violations and Refusal to Testify

From the desk of Jim Eccleston at Eccleston Law 

The Financial Industry Regulatory Authority (FINRA) has barred New Jersey advisor Anthony J. Cantone for refusing to provide testimony in an investigation into his business practices.

According to Financial Advisor News, the investigation focused on customers' purchases of low-priced securities and potential conflicts of interest between Cantone's outside business activities and his customers. Cantone and his firm, Cantone Research Inc., faced regulatory scrutiny for engaging in dishonest or unethical practices related to securities sales. The New Jersey Bureau of Securities accused them of withholding crucial information from investors about securities offered for a condo complex in Orlando, resulting in a default by the developer.

Additionally, Cantone faced allegations from FINRA in October 2021, claiming fraudulent misrepresentations in the underwriting and sale of two bond issues totaling over $8 million. The projects were not municipally backed, and investors suffered over $6 million in losses. The recent FINRA ban is a culmination of these regulatory actions.

Cantone has not contested the allegations, but his wife cited a hemorrhagic stroke in June 2022 as the reason for his non-participation in the investigation. Nonetheless, FINRA determined that he violated its Rule 8210 and Rule 2021 by refusing to provide testimony.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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