Cantella & Co., Inc., of Boston, Massachusetts, submitted an AWC with FINRA in which the firm was censured, fined $50,000 and required to pay $81,973.65, plus interest, in restitution to customers for allegations relating to excessive commissions. Without admitting or denying the findings, Cantella consented to the sanctions and to the entry of findings that it charged customers excessive commissions on equity and options transactions. The findings stated that in connection with certain purchases and sales of primarily low-priced securities, the commissions the firm charged were not fair and reasonable. The transactions resulted in approximately $120,000 in excessive charges. The firm has already repaid customers approximately $42,000 of these excessive commissions related to equity transactions. The firm also charged $4,658.22 in excessive commissions in connection with options transactions. The findings also stated that the firm failed to create or follow an adequate supervisory system for the review of commissions charged. The firm blindly followed an automated commission schedule instead of reviewing each trade for fairness. (FINRA Case #2011025431801)
Silver Law Group represents investors in securities and investment fraud cases for claims including stockbroker misconduct, excessive fees or commissions and penny stock fraud. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.