SEC Charges Broker Jovannie Aquino

Jovannie Aquino (CRD #4876661, aka John Aquino) is a former registered broker of New York, NY. Previous employers include Windsor Street Capital (CRD #34171), also in New York City, John Carris Investments LLC (CRD #145767), John Thomas Financial (CRD #40982) and Hallmark Investments, Inc. (CRD #135003) of New York City.

Aquino has worked for a total of 12 brokerages, holds Series 7 and 63 licenses and began working in the industry in 2004. Aquino has two LinkedIn pages that do appear to be updated, and no current employment information is available.

On September 7, 2018, the SEC charged Aquino with defrauding customers by engaging in “churning” to generate excessive commissions for himself, in the amount of $930,000. Aquino’s customers lost a total of $881,000. At the time of these allegations, May 2014 through November 2017, Aquino was registered with Meyers Associates, L.P. (now known as Windsor Street Capital.) The SEC complaint also states that in 2015 and 2016, Aquino and an unnamed colleague engaged in cold-calling leads acquired from a publicly available database.

Aquino was a registered representative working for a New York City-based broker dealer from December 2015 to November 2017, and persuaded at least 7 customers to sign on with him, according to the complaint. He also engaged in unauthorized trading (trading without notifying the customers) and did not disclose the amount of charges the customers would be required to pay in relation to these trades.

Once these clients signed on, Aquino recommended short-term securities that had “no reasonable basis.” He didn’t determine if his trading recommendations, known as the “in and out strategy,” would be suitable for his customers. These securities involved frequent trading, excessive fees and generated high commissions for Aquino. The securities would have to have a return rate of 87% to realize a dollar of profit.

The costs involved with this excessive trading strategy virtually guaranteed that the clients’ accounts would never profit. He also concealed the actual costs involved with this method of trading. The average turnover for the transactions for seven customers was 28%, and generated losses of approximately $881,622. The SEC is requesting disgorgement for Aquino’s “ill gotten gains.”

Aquino has a total of seven disclosures on his record, including a civil judgment of less than $5,000 in 2006. In 2011, Aquino’s separation of employment in 2011 by Rockwell Global Capital alleges that he entered into a “written commission agreement” with a client, and without the firm’s knowledge. He then, according to the disclosure, charged commissions that were not in accordance with this signed agreement. Rockwell then discharged Aquino.

Did You Invest With Jovannie Aquino?

If you’re wondering if your investments are safe and were properly handled, we can take another look at your accounts. Scott Silver recovers investors’ losses due to churning or excessive trading.  Our attorneys have handled over 1,000 FINRA arbitration claims and we have helped investors who are victims of a cold call recover their money. 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 handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.