Advisor Alert: Our Attorneys Are Investigating Albert Foronda For Investment Fraud
Did You Lose Money Because of Albert Foronda?
Filed: January 16, 2024
Albert Foronda currently has one (1) pending customer complaint. Overall, he has been the subject of three (3) regulatory events, and four (4) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Albert Foronda.
Who Is Albert Foronda?
- Advisor Name: Albert Foronda
- Aliases: Albert Foronda
- CRD: 5737620
- Location: New York, New York
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: Spartan Capital Securities, LLC, Worden Capital Management LLC, and Legend Securities, Inc.
- Number of Known Customer Complaints: 4
- Number of Known Regulatory Events: 3
- Can Albert Foronda Be Sued: Yes, in Private Arbitration
- Can Albert Foronda’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $650,000
- Highest Settlement: $385,000
If you have suffered investment losses by Albert Foronda, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Albert Foronda For Broker Misconduct
As of this publication date, Albert Foronda has been the subject of 3 regulatory events and 4 customer disputes. Let’s review them below.
In August 2023, FINRA initiated a regulatory event against or in reference to Albert Foronda for failing to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
In December 2022, FINRA initiated a regulatory event against or in reference to Albert Foronda for failing to respond to FINRA requests for information.
In March 2022, a complaint was filed against or in reference to Albert Foronda by multiple customers of Worden Capital Management LLC alleging unsuitable investments, excessive trading, and failure to supervise. Per the customer, he lost over $49,016 because of Mr. Foronda’s actions. As of this publication date, this claim remains pending.
In January 2020, FINRA initiated a regulatory event against or in reference to Albert Foronda. Without admitting or denying the findings, Foronda consented to the sanctions and to the entry of findings that, while associated through a member firm, he effected unauthorized transactions in customers’ accounts without the customers’ verbal or written authorization for the trades. The findings stated that Foronda sold one security a customer owned and used the proceeds from the sale to purchase shares in another security that same day, without the customer’s authorization. The firm compensated the customer for losses on the transactions. Foronda purchased shares in one security through two transactions and later sold shares of the same security in two separate transactions without another customer’s authorization. That customer suffered losses of $2,765 resulting from the unauthorized transactions. The findings also stated that, while associated with the firm and another firm, Foronda effected transactions in customers’ accounts using discretion without written authorization from the customers and without the firms accepting the accounts as discretionary. The other firm did not permit its brokers to maintain discretionary accounts.
In May 2019, a FINRA arbitration was filed against or in reference to Albert Foronda by a customer of Spartan Capital Securities alleging unsuitability, excessive trading, and negligence. Per the customer, he/she lost over $650,000 because of Mr. Foronda’s actions. On September 1, 2020, Mr. Foronda settled the claim for $385,000, and some or all of this amount may have been paid by Mr. Foronda’s employer and/or insurance carrier.
In April 2018, a FINRA arbitration was filed against or in reference to Albert Foronda by a customer of Worden Capital Management LLC and Legend Securities, Inc. alleging breach of fiduciary duty, breach of contract, and negligence. Per the customer, he/she lost over $90,000 because of Mr. Foronda’s actions. On March 30, 2022, Mr. Foronda settled the claim for $50,000.
In July 2017, a complaint was filed against or in reference to Albert Foronda by a customer of Worden Capital Management LLC alleging that a transaction made in the client’s account wasn’t authorized. Per the customer, he lost over $17,228.90 because of Mr. Foronda’s actions. On October 11, 2017, Mr. Foronda settled the claim for $14,000, and some or all of this amount may have been paid by Mr. Foronda’s employer and/or insurance carrier.
How To File A Claim Against Albert Foronda (previously with Spartan Capital Securities, LLC, Worden Capital Management LLC, and Legend Securities, Inc.) To Get Your Money Back.
If you have questions about Albert Foronda, Spartan Capital Securities, LLC, Worden Capital Management LLC, Legend Securities, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll free at 1-800-950-6553.