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FINRA Suspends and Fines NY Rep. for Failure to Report Felonies

FINRA Suspends and Fines NY Rep. for Failure to Report Felonies. Broker-dealer, brokerage, Financial Industry Regulatory Authority, financial services, FINRA, RIA
FINRA Suspends and Fines NY Rep. for Failure to Report Felonies. Broker-dealer, brokerage, Financial Industry Regulatory Authority, financial services, FINRA, RIA

The Financial Industry Regulatory Authority suspended and fined Joseph Neil Savasta for failing to report multiple felony charges brought against him. Savasta was first registered with FINRA in 1984 when he entered the securities industry with Creative Securities Corp.

According to FINRA, on July 7, 2021, while associated with Quint Capital Corp., Savasta was arrested in Suffolk County, New York, and charged with aggravated vehicular assault, among other things.

Although Savasta was aware that he had been charged with multiple felonies, he did not amend his Form U4 to disclose that fact within 30 days, as he was required to do, says FINRA. Savasta did not amend his Form U4 to disclose his felony charges until Nov. 2, 2022, approximately 16 months after his initial arrest. Savasta ultimately pled guilty to three of the felonies on Oct. 6, 2022, and the remaining charges were dismissed.

However, FINRA says Savasta did not include information about his felony guilty pleas in the amended Form U-4 filed on Nov. 2, 2022. It was not until a further amended Form U4 was filed on Dec. 12, 2022, more than 30 days after he pled guilty to the three felonies, that his guilty pleas were disclosed.

Savasta consented to a six-month suspension from associating with any FINRA member in any capacity and a $5,000 fine.

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