June 17, 2026
ChapmanAlbin is investigating Anthony Sica (CRD 1332626), a former broker and General Securities Principal who spent more than two decades at Joseph Gunnar & Co. LLC (CRD 24795) in New York, NY. In March 2026, FINRA permanently barred Sica from associating with any FINRA member firm in any capacity after he refused to appear for on-the-record testimony as part of FINRA’s targeted examination of Joseph Gunnar’s practices involving public and private offerings of small-capitalized exchange-listed issuers. This bar follows a prior 2017 disciplinary action in which FINRA found that Sica made unsuitable recommendations to an elderly customer on a fixed income, concentrated her account in high-risk speculative securities, engaged in short-term in-and-out trading that caused losses exceeding $150,000, and placed unauthorized trades in the IRA accounts of a deceased customer. His BrokerCheck record also reflects multiple customer disputes involving allegations of unsuitable investments, unauthorized trading, and mismanagement resulting in significant settlements and arbitration awards. This page is based on public records including FINRA BrokerCheck and FINRA disciplinary records. If you invested through Anthony Sica and have concerns about how your account was handled, this page explains what the public record shows and what options may be available to you.
CRD: 1332626
Most recent firm: Joseph Gunnar & Co. LLC — New York, NY (registration terminated June 2024)
FINRA BrokerCheck: View Anthony Sica on BrokerCheck
Primary concern: Permanent bar for refusing FINRA testimony; prior findings of unsuitable recommendations, overconcentration, churning, and unauthorized trading
Products mentioned: High-risk speculative securities; private placements; equities
Regulatory actions: Permanent bar effective March 20, 2026 (AWC Case No. 2025088031501); prior 3-month suspension and $20,000 fine (AWC Case No. 2013039507101, November 2017)
Anthony Sica (CRD 1332626) first registered with FINRA in 1985 and spent the majority of his career at Joseph Gunnar & Co. LLC (CRD 24795) in New York, where he was registered from October 2003 through June 2024. He previously held registrations at Wachovia Securities LLC, Prudential Securities Incorporated, and Lehman Brothers Inc. Sica held both a General Securities Representative license (Series 7) and a General Securities Principal license (Series 24), giving him supervisory authority at the firms where he worked. He is no longer registered with any FINRA member firm. Investors can review his full registration history, disclosure record, and BrokerCheck report at FINRA BrokerCheck.
The most recent action is a permanent bar, effective March 20, 2026, arising from FINRA AWC Case No. 2025088031501. FINRA sent Sica a request for on-the-record testimony on March 5, 2026, as part of its targeted examination of Joseph Gunnar’s practices involving public and private offerings of small-capitalized exchange-listed issuers with operations in foreign jurisdictions. According to the AWC, Sica’s counsel communicated to FINRA on March 12, 2026, that Sica had received the request and would not appear at any time. By refusing to cooperate with FINRA’s investigation, Sica violated FINRA Rules 8210 and 2010. The sanction — a permanent bar in all capacities — is among the most severe FINRA can impose.
The 2026 bar is not the first time Sica faced formal discipline. In November 2017, FINRA accepted AWC Case No. 2013039507101, which censured Sica, suspended him for three months, fined him $20,000, and ordered him to pay restitution of $3,039.11 plus interest and complete ten hours of continuing education on suitability and senior investor issues. That action followed a 1994 consent order with the Missouri Securities Division in which Sica agreed to pay $1,000 in investigation costs and have his trades supervised for five years after a finding that he recommended securities without a reasonable basis for believing the recommendation was suitable.
The 2026 bar is procedural in nature — Sica was barred specifically for refusing to cooperate with FINRA’s investigation rather than for a new finding of investor harm. However, the refusal itself carries significant implications. FINRA’s examination was focused on how Joseph Gunnar handled public and private offerings of small-capitalized, exchange-listed issuers, which is a category of investment that has historically generated substantial investor losses and regulatory scrutiny. A broker who declines to answer FINRA’s questions — particularly when his departure from the firm was itself preceded by a refusal to complete a required questionnaire — leaves unanswered questions about what FINRA was examining.
The 2017 action is more direct in describing harm to investors. FINRA found that Sica repeatedly recommended high-risk, speculative securities to an elderly customer living on a fixed income, that those recommendations were inconsistent with her investment profile, and that his trading caused her account to be concentrated in speculative positions representing substantially all of her liquid assets. Sica also engaged in short-term in-and-out trading of those speculative positions — a pattern consistent with churning — causing losses exceeding $150,000. Separately, FINRA found that he placed trades in the IRA accounts of a customer he knew was deceased, resulting in additional losses.
The pattern in Sica’s record — unsuitable recommendations, overconcentration, excessive trading, and unauthorized transactions — spans multiple customers and multiple decades. Investors who worked with Sica, particularly those with conservative financial needs or retirement savings, should take a close look at their account history. Unsuitable recommendations occur when a broker recommends investments that do not match the customer’s financial situation, investment goals, or risk tolerance. Overconcentration — placing too large a share of a portfolio in a single type of high-risk investment — amplifies those losses when the investment performs poorly. When a broker also engages in churning by repeatedly buying and selling to generate commissions rather than in the customer’s interest, the damage compounds quickly.
Private placements are particularly high-risk products. They are not traded on public exchanges, are difficult to sell once purchased, and are generally only appropriate for investors who can afford to lose the entire investment. The customer arbitration that resulted in both compensatory and punitive damages against the firm specifically involved private placement investments made through Sica’s accounts.
Investors who believe they suffered losses through any of these patterns may have claims that can be pursued through FINRA arbitration. ChapmanAlbin works on contingency, which means there is no cost to you unless we recover money on your behalf. If you had accounts with Anthony Sica and are concerned about what happened, the first step is a free, no-obligation consultation with one of our attorneys.
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