FINRA Suspends Robert Anthony Guidicipietro After Client Loss Of $35K

Robert Anthony Guidicipietro (CRD#: 1588069, aka “Robert A. Peters”) is a currently registered broker and investment advisor employed at Alexander Capital, L.P. (CRD#: 40077) of New York, NY. His previous employers include Arive Capital Markets (CRD#:8060) of Bay Ridge, NY, Aegis Capital Corp. (CRD#:15007), Holmdel, NJ, and Obsidian Financial Group, LLC (CRD#:104255, expelled by FINRA on 10/16/2013) of Red Bank, NJ. He has been in the industry since 1991.

The most recent allegation of misconduct came from Guidicipietro’s tenure at Arive. From January 2019 through November 2019, Guidicipietro engaged in “excessive and unsuitable trading, including the use of margin” in the account of an elderly investor. The client, a 78-year-old retired supervisor from New York’s Metropolitan Transit Authority, had a conservative investment objective and was not a seasoned investor.

Guidicipietro then recommended to the client that he place a total of 56 trades in his account, all of which were on margin. Because the account setup with a cost-to-equity ratio of 34 required the customer’s account to grow by more than 34% to break even, the customer ultimately lost $35,219.74 in fees and commissions.

STOCKBROKER CHURNING

FINRA suspended Guidicipietro following an investigation that revealed his recommendations were considerably unsuitable and excessive. In addition to paying the client restitution of the amount lost, Guidicipietro was also suspended for four months and fined $5,000. His suspension is scheduled to end on 4/19/2022.

Excessive trading, churning, fees, costs and commissions can all have a devastating impact on an investors portfolio.  Every dollar paid in costs is a dollar that must be earned just for the investor to break even.  Financial advisors who trade an account just to earn more commissions may be liable for an investors losses which can be recovered through securities arbitration.

Before this dispute, another client filed a complaint while Guidicipietro worked for Aegis Capital. The client alleged that from 01/31/2017 TO 11/17/2017, he failed to enter a stop loss order. This claim was settled for $36,272.00 in damages.

Guidicipietro has several additional disclosures dating back to 1995, upon his resignation from Gruntal & Co. of New York City. Several client disputes have similar allegations, such as fraud, unsuitability, negligence, breach of fiduciary duty, unauthorized trading, and unsuitable recommendations.

Of these disclosures, one is a bankruptcy filing in 2013 which he subsequently withdrew due to non-eligibility. Two are disciplinary actions. The first is from the National Association Of Securities Dealers, Inc. (NASD) in 2000, in which he was fined $40,000 and suspended for 18 months. Reinstatement required him to re-qualify as a general securities representative as well as pay the fine, which he did on 1/30/02. He was also ordered to pay four clients restitution of $70,000.

Previously, the Missouri Secretary Of State/Securities Division ordered a cease-and-desist against Guidicipietro, his company and three other brokers in 1997 following allegations of “failure to supervise. original cease and desist alleges unauthorized transactions, failure to execute sell orders ,and fraud.” Guidicipietro denied the allegations.

Did You Invest With Robert Anthony Guidicipietro?

Silver Law Group represents investors in securities and investment fraud cases. 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 are handled on a contingent fee basis, meaning that you won’t owe us unless and until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.