For their supervisory violations, Giordano agreed to a six-month supervisory suspension and $10,000 fine, and Birardi agreed to a three-month supervisory suspension and $5,000 fine. The two must also complete 20 hours of continuing education.
Additionally, Finra has reached settlements with four Aegis reps, barring two individuals for churning and excessive and unauthorized trading and suspending and fining two individuals for excessive trading.
“Recognizing and responding to red flags is the hallmark of proper supervision, and a critical component in preventing excessive and unsuitable trading in customer accounts,” said Jessica Hopper, executive vice president and head of Finra’s Department of Enforcement. “This matter demonstrates Finra’s commitment to holding accountable the firm, supervisors and individuals responsible, and providing restitution to harmed customers.”
Aegis, which was founded 1984, has 37 compliance and enforcement disclosures on the BrokerCheck database for sales and best execution violations.