As recently reported, the Financial Industry Regulatory Authority (“FINRA”) barred broker John Phillip Correnti (CRD# 5319471) in light of his failure to provide testimony and documents in connection with an investigation into potential violations of applicable securities industry rules. Publicly available information through FINRA indicates that, in a career spanning 2007 – 2016, Mr. Correnti was previously affiliated with four different brokerage firms. Most recently, Mr. Correnti was associated with AXA Advisors, LLC (“AXA”) (CRD# 6627) (2015-2016).
FINRA records also indicate that Mr. Correnti was the subject of a customer dispute in 2011, which concerned allegations of mismanagement, misrepresentations, breach of fiduciary duty, as well as claims grounded in negligence / negligent misrepresentation. Furthermore, FINRA records indicate that Mr. Correnti was discharged from his employment with AXA in July 2016, following allegations concerning “[h]is apparent involvement in the possible manipulation of a low-price security.”
In August 2017, Mr. Correnti, who worked as a registered representative for AXA in Cleveland, Ohio, was barred from the securities industry by FINRA. Specifically, FINRA sanctioned Mr. Correnti with an industry bar following his failure to completely respond to FINRA’s request for documents, as well as his incomplete testimony. In addition, FINRA records suggest that the investigation was aimed, at least in part, on whether Mr. Correnti “[e]ngaged in undisclosed business activities….”
Publicly available information suggests that Mr. Correnti may have been involved in “possible manipulation of a low-price security.” According to the Securities and Exchange Commission (“SEC”), a penny stock generally refers to a security issued by a very small company that trades for less than $5 per share. Penny stocks are typically quoted over-the-counter (“OTC”) for trading purposes, meaning these stocks trade over a decentralized market. Prices of penny stocks may be susceptible to price manipulation due to the relatively low trading volumes in their shares.
The attorneys at Law Office of Christopher J. Gray, P.C. have significant experience in recovering funds on behalf of investors who have incurred losses as a result of alleged misconduct by their financial advisor and/or brokerage firm. Investors may contact our office at (866) 966-9598 or email@example.com for a no-cost, confidential consultation.