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Finra panel says barred broker must pay $540,000 in damages

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The Financial Industry Regulatory Authority, or Finra, website is arranged for a photograph in Mumbai, India, on Wednesday, Oct. 24, 2007. Finra, runs the widely used BrokerCheck, an online database of 5,100 securities firms and 672,000 brokers and other people who require a license to do business with the public. Finra, a non-governmental body, polices its dues-paying members through a Wall Street wonder known as self-regulation. Photographer: Scott Eells/Bloomberg News (BLOOMBERG NEWS)


A Finra arbitration panel has ordered barred broker Anthony Mastroianni Jr. to pay a former customer $540,000 for damages resulting from alleged excessive trading in the client’s account.

The claimant, Roy N. Gruenburg, had requested $2 million in compensatory and punitive damages. He agreed to reduce the amount paid by Mr. Mastroianni by anything he receives in a private settlement with Alexander Capital, Mr. Mastroianni’s employer at the time of the events in question.

Last December, while employed by Meyers Associates, Mr. Mastroianni was barred for refusing to appear before a hearing requested by the Financial Industry Regulatory Authority Inc. looking into whether he had engaged in excessive trading of a separate customer’s account.

Mr. Mastroianni worked at Meyers Associates from 2013 until he was barred. He was at Alexander Capital in 2012 and 2013, and earlier worked at J.P. Turner & Co., National Securities and Joseph Stevens & Co. He began his career in 2004.

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