FINRA’s Department of Enforcement investigated Crescenzo and alleged he borrowed funds from two elderly customers in 2011. FINRA alleged Crescenzo borrowed $10,000 from one of his customers in 2011 while he worked or Ameriprise. According to FINRA, Crescenzo repaid the customer in October 2014 after she filed a written complaint with his then employer Capital Securities. In addition, Crescenzo allegedly borrowed $15,000 from a second customer in 2011, of which only $2,000 has been repaid to the customer to date.
FINRA alleged Crescenzo violated several FINRA rules and regulations, including FINRA Rules 2010 and 3240. FINRA Rule 3240 prohibits registered persons from borrowing money from or lending money to any customer certain conditions and/or exceptions are satisfied. A violation of FINRA Rule 3240 also constitutes a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principals of trade.
Lufrano Law, LLC is a national securities litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. If you suffered investment damages with Crescenzo through Ameriprise of Capital Securities, you may be able to recover your losses through FINRA arbitration. Our firm only receives a fee if you recover money. Please complete the contact form below or contact one of our attorneys at (800) 627-2179 to schedule a free consultation or complete our free case evaluator.