Three brokers with the financial firm Alexander Capital are accused by the U.S. Securities and Exchange Commission of making bad recommendations to clients that led to losses for customers but large commissions for the brokers, the commission announced Thursday.
William Gennity and Rocco Roveccio are charged in the U.S. District Court for the Southern District of New York with two violations of securities laws. The commission alleges the pair made recommendations without any reasonable basis to believe they would see a profit, churned through their customers’ accounts, engaged in unauthorized trading, and concealed from their customers the true costs associated with the trades.
