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.