Anthony Sica (CRD#: 1332626), a registered representative with Joseph Gunnar & Co. LLC (CRD#: 24795) in New York, New York, is currently involved in a dispute in which a customer alleges that he recommended unsuitable investments. The client is seeking $750,000 in damages and the matter is pending, according to Anthony Sica’s BrokerCheck record accessed on April 2, 2020.
On February 5, 2020, Anthony Sica became involved in a customer complaint in which a client alleges that he made unsuitable investments and engaged in negligent supervision. The investments at issue are private placements. Brokers must only recommend investments that are “suitable” for their clients based on a given client’s risk tolerance, investment goals, age, and other factors. Private placements, also known as alternative investments, are not suitable for the average retail investor, as they carry a high degree of risk. The conduct in question took place from September 27, 2011 to August 28, 2014. The client is seeking $750,000 in damages.
This recent customer complaint is not the only dispute on Anthony Sica’s BrokerCheck record. He has been involved in several other customer complaints, culminating in his being suspended by FINRA and withdrawing his securities registration in Maryland.
On December 4, 2001, a customer alleged that Anthony Sica’s recommendation to purchase Sunbeam stock and certain Real Estate Investment Trusts (REITs) was unsuitable. REITs, particularly non-traded REITs, are notoriously risky and they are not suitable for investors who need easy access to the cash value of their investments. The matter later settled.
On March 9, 2010, a second client filed a customer complaint against Anthony Sica, alleging that he recommended unsuitable investments and mismanaged the investments, which ultimately performed poorly. The client requested $356,772.79 in damages; the matter was settled for $157,500.
On December 4, 2013, a third customer alleged that Anthony Sixa recommended unsuitable investments and made frequent and unauthorized trades. The client also alleged that Anthony Sica violated “KYC” customer rules. The “Know Your Customer” standard is designed to ensure that brokers and investment advisors know details of their clients’ risk tolerance and financial position. The conduct in question allegedly occurred from 2009 through 2013. The client sought $479,000 in damages. The matter ultimately settled for $302,500.
In 2017, Anthony Sica found himself in trouble with FINRA, the Financial Industry Regulatory Authority, the self-regulatory organization that regulates brokers and broker-dealers. On November 30, 2017, Anthony Sica consented to FINRA’s findings that he recommended unsuitable investments to an elderly client on a fixed income. The investments at issue were high-risk, speculative investments and resulted in substantial losses for the elderly client. In addition to this alleged misconduct, FINRA also found that Anthony Sica traded in the IRA account of a customer who he knew was deceased, causing $3,039.11 in losses. Anthony Sica consented to FINRA’s findings and sanctions. FINRA fined him $20,000 and ordered him to pay restitution in the amount of $3,039.11. Anthony Sica was also ordered to complete ten hours of continuing education relating to serving senior customers. FINRA also suspended him for three months. Anthony Sica’s suspension lasted from December 18, 2017 to March 17, 2018. A copy of Anthony Sica’s Acceptance, Waiver, and Consent (AWC) with FINRA can be viewed here. But Anthony Sica’s troubles didn’t stop there. Following his AWC, Anthony Sica found himself in trouble with Maryland securities regulators. On January 22, 2018, the Maryland Securities Commissioner and Anthony Sica entered into a Consent Order in which Anthony Sica withdrew his broker registration from Maryland.
Over his 35-year career in the securities industry, Anthony Sica has worked for five brokerage firms. In addition to Joseph Gunnar & Co. LLC (CRD#: 24795), he has also worked for the following brokerage firms:
- Wachovia Securities, LLC (CRD#: 19616)
- Prudential Securities Incorporated (CRD#: 7471)
- Lehman Brothers Inc. (CRD#: 7506)
- McLaughlin, Piven, Vogel, Inc. (CRD#: 7404)
Anthony Sica has passed the Series 65 – Uniform Investment Adviser Law Examination, the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, the Series 7 – General Securities Representative Examination, and the Series 24 – General Securities Principal Examination. He is registered to sell securities in Alaska, Arizona, California, Delaware, the District of Columbia, Florida, Georgia, Idaho, Iowa, Kentucky, Louisiana, Minnesota, Mississippi, Nevada, New Mexico, New York, North Carolina, Oklahoma, Pennsylvania, Puerto Rico, Rhode Island, Tennessee, Texas, Virginia, West Virginia, Wisconsin, and Wyoming.
If Anthony Sica was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn about your options for recovery. Call (877) 238-4175 or email email@example.com for your free case consultation with a securities attorney.