Source Capital Group’s Don Saccomano suspended by FINRA.
Don Saccomano, a registered representative from Norwalk, Connecticut, formerly with Janney Montgomery Scott and Source Capital Group was suspended from FINRA membership as a result of failing to cooperate with a FINRA investigation.
FINRA Rule 9552. Failure to Provide Information or Keep Information Current
This FINRA rule provides if a FINRA member fails to provide information or testimony requested or required by FINRA’s By-Laws or FINRA rules, or fails to keep his or her membership and supporting documents current, FINRA, after providing 21 days’ notice may suspend the FINRA membership of the person. If the suspension is not challenged within 90 days, FINRA may bar the individual. Saccomano’s deadlien to challenge the suspension expires July 6, 2017
In April, 2017 Don Saccomano was barred from FINRA membership for violating Rule 9552.
Don Saccomano’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be registered or exempt from registration.
Don Saccomano was registered with
Source Capital Group from February, 2011 to October, 2016
Janney Montgomery Scott from August, 2003 to March, 2011
According to FINRA’s CRD disclosure report, Don Saccomano has been the subject of one customer complaint and two regulatory investigations.
FINRA is the primary regulator for broker dealers and registered representatives in the United States. FINRA’s role is to promulgate standards and practices for the brokerage industry and to ensure compliance with its rules by licensed entities and individuals.
FINRA has two primary means to ensure compliance with the securities laws ; by means of an enforcement unit that investigates and disciplines wrongdoing, and through the establishment of an arbitration forum where investors can resolve disputes against broker dealers. FINRA’s arbitration forum, FINRA Dispute Resolution Inc. is the largest arbitration forum in the country for resolving investor disputes, and typically processes over 10,000 filings annually.
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