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Anthony Kerrigone Fined $10k & Suspended for Selling Short Securities He Failed to Locate

FINRA suspended former Wilson-Davis & Co., Inc. broker Anthony "Tony" Benedict Kerrigone and fined him $10,000 for placing orders to short sell low-priced stocks and failing to locate the securities, in contravention of the Securities Exchange Act.

FINRA AWC #2012032731801

The findings state that Kerrigone failed to find locates for 149 short transactions for which he placed sell orders. FINRA claims that instead of ensuring or having reasonable grounds to believe that the security could be borrowed (in order for it to be delivered on the date delivery is due), Kerrigone attempted to bypass the locate requirement by improperly claiming a bona fide market maker exemption, which investigators said was not available to the firm because Kerrigone was not engaging in bona fide market marking activities related to the 149 short transactions and corresponding low-priced stocks.

Kerrigone's BrokerCheck report indicates he has been associated with BMA Securities, LLC's El Segundo, California branch since September 2015.

If you have invested with Anthony "Tony" Benedict Kerrigone or with any broker or financial adviser who has failed to locate a security to be borrowed as part of a short sale, or whose failure to comply with or perform an act as mandated by securities law has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.