FINRA’s Department of Enforcement investigated Cuccia and found he falsified a funds transfer request form and three withdrawal request forms to accommodate withdrawal requests made by his customers. According to FINRA, Cuccia sold annuities to two of his customers in December 2010. Thereafter, the customers requested to withdraw substantial amounts from the annuities, which necessitated the annuities be re-issued with a lower face amount. In connection with these requests, FINRA alleges Cuccia falsified forms (one funds transfer request form and three withdrawal request forms) to process transactions requested by the customers during July 2011 and March 2012.
In addition to falsifying firm documents, Cuccia also allegedly engaged in unapproved loans with two of his customers. According to FINRA, Cuccia entered into four loans with two customers in the total amount of $2,200 between July 2011 and February 2012. Cuccia did not obtain Equity Service’s approval to enter into the loans and the loans did not satisfy the other requirements of FINRA Rule 3240.
Cuccia’s alleged misconduct violated multiple FINRA Rules, including FINRA Rules 2010, 3240 and NASD Conduct Rules 2110 and 3030. For example, FINRA Rule 2010 requires members to comply with “high standards of commercial honor and just and equitable principles of trade.” Here, Cuccia falsified firm documents to accommodate withdrawal requests made by his customers, and as consequence, violated financial industry rules and regulations.
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 losses as a result of investing with Cuccia through Equity Services, or if you believe that you have been a victim of securities and investment fraud including falsified documents, please complete our contact form below or contact one of our attorneys at (800) 627-2179.