Former New York-based Joseph Stone Capital Broker Under Investigation After Montana Sanctions Over Excessive and Unauthorized Trading
Posted: October 10th, 2017
Silver Law Group is investigating former New York-based Joseph Stone Capital L.L.C. (CRD# 159744) broker David G. Menashe (CRD# 5727269) after the State of Montana sanctioned him for excessive and unauthorized trading.
Menashe’s CRD Report and the Montana Regulatory Decision
According to Menashe’s FINRA BrokerCheck report, the Office of the Commissioner of Securities and Insurance for Montana sanctioned both Joseph Stone and Menashe. According to the Montana Order, Montana required Joseph Stone to pay $30,000 in restitution with Menashe contributing half of that amount.
Montana sanctioned Joseph Stone Capital for its failure to supervise Menashe and a few other brokers. The state sanctioned Menashe for excessive and unauthorized trades in a Montana-based customer account.
Montana’s initial complaint alleged that Menashe initiated 52 transactions in 20 securities in a customer account. The customer’s accounts held less than $100,000, according to the Montana complaint, but the total trades resulted in $2.65 million in purchases and $2.64 million in sales. In the process of executing all those trades, according to the Montana complaint, Joseph Stone Capital and Menashe received over $82,000 in commissions over the course of a two and a half year period.
Joseph Stone Capital employed Menashe from February 2013 to January 2017 at its Mineola, New York office. Newbridge Securities Corporation (CRD# 104065) currently employs Menashe at its New York, New York location.
Contact Our Securities Law Firm if You’ve Lost Money Investing
If you have invested with David G. Menashe and Joseph Stone Capital or Newbridge Securities and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at firstname.lastname@example.org or toll free at (800) 975-4345.
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