Broker-Reseller

A dying breed. These are wannabe broker-dealers who don’t have enough capital to build the required trading infrastructure.

Leo DiCrappio fancied himself a big-time investment banker and general Wolf of Wall Street. Unfortunately, his High School diploma and familiarity with investment-related Twitter accounts did not generate enough money for him to open a broker-dealer. Or to take the exams required for licensing by federal regulatory agencies, such as FINRA.

Undaunted, Leo began to market his securities trading savvy to friends and family who gave him their money, which he then used to trade in accounts he had opened at large brokerage firms like Charles Schwab and Goldman Sachs.

In this middleman capacity, Leo operated as a broker-reseller, legitimizing the business cards he had printed so he could show off to the girls in his neighborhood in New Jersey.