Broker Philip Joseph Sparacino – Complaints & Compensation

Customer Claims Filed Against Barred Broker Philip Joseph Sparacino

FINRA has barred previously registered broker Philip Joseph Sparacino. Additionally, the New Jersey Bureau of Securities opened an investigation after he allegedly employed a device, scheme, or artifice to defraud customers. Prior to being barred, Mr. Sparacino had 11 years of experience with six different firms.

Since at least June of 2019, Sparacino had allegedly been engaging in a pattern of unauthorized, excessive, unsuitable, and fraudulent trading activity on behalf of customers.

When Sparacino gained access to dozens of new customer accounts, he allegedly used them as a vehicle to generate exorbitant commissions at the expense of his clients. Sparacino allegedly engaged in dishonest and unethical securities practices when he recommended securities to clients without having reason to believe the securities were suitable for his clients.

In November 2018, Sparacino was named a in a customer complaint that alleging breach of fiduciary duties, unauthorized trading, negligence, breach of contract, misrepresentation including negligent misrepresentation, constructive fraud, and fraudulent non-disclosure among other things. The damages requested totaled just over $137,000.

Customers of Philip Joseph Sparacino who suffered losses or had their accounts excessively traded or were overcharged fees or commissions may have a right to bring a legal claim to recover their losses.

 
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Below are some of the emails and letters that our clients have sent us.

At a time in our life when we were most vulnerable we lost control of our finances. We fell victim to a broker that took huge commissions and did not disclose that we were not able to access our money. Peter Mougey and his wonderful staff worked with us to make us whole again and got our money released. I cannot say enough about their work ethic, professionalism, and kindness during this stressful time for us. We had a 100% positive conclusion to our case and we strongly recommend Peter and the firm. We can now sleep at night! Fred & Pat H.
My husband and I were very pleased with the work that Peter and his team provided. He was very knowledgeable of the circumstances of our case and kept us informed throughout the process. He is extremely qualified and worked diligently on our behalf. We are positive that this case would not have been resolved in our favor had it not been for Peter's expertise and his passion. He definitely cares about his clients and we sincerely appreciate his efforts. Rachel C.
FRS is a governmental body. FRS retained the services of Peter Mougey of the LP law firm in a multimillion dollar lawsuit involving extremely complex issues. Mr. Mougey quickly mastered the issues and gave advice that was vital in bringing about a successful resolution. Two of the most important features of Mr. Mougey’s representation was his understanding of government and his ability to communicate complicated legal concepts to a 10-member board of trustees in language that was easily understood by all. I did not know Mr. Mougey before FRS retained him and, fortunately, have not experienced circumstances where the system would need his services again. However, if needed, I would have no hesitation in retaining his services again. Please let me know if you need any additional information or assistance. Steven S.
Edison's famous adage can't ever be ignored of course: 1 part inspiration and 99 parts perspiration. However the two attitudes must be present indissolubly--both are essential--if results are to be obtained. Peter Mougey’s group is aware of such a requirement, they work very hard at the latter, and the former comes easily to them, a rare combination anywhere to be found indeed. Raphael B.
I would like to express my sincere gratitude to Peter Mougey and your entire team on behalf of my family for the amazing job done during your representation. From day one I received kindness, rapid responses to all of my questions, with polite and patient encounters with all of your staff assistants. You are the best- and I will be eternally grateful to you and your entire team. Michelle E.