First Standard Financial Company

Broker Leonard Marzocco, Formerly of Woodstock Financial Group, Inc. and First Standard Financial LLC, Suspended by FINRA

Published on: November 9, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended stockbroker Leonard Marzocco from the securities industry. Mr. Marzocco consented to the suspension after FINRA alleged that between June 2019 and December 2019, while associated with Woodstock Financial Group, Inc. (“Woodstock Financial Group”), Mr. Marzocco excessively and unsuitable traded a customer’s account, in violation of FINRA Rules 2111 and 2010. As part of the agreement, Mr. Marzocco also agreed to pay $27,078 in restitution and a fine of $5,000.

Mr. Marzocco was registered as a broker with Woodstock Financial Group, Inc. in Nesconset, New York, from June 2019 to December 2019. Prior to joining Woodstock Financial Group, Mr. Marzocco was a registered stockbroker with First Standard Financial Company LLC in Miller Place, New York, from June 2017 to June 2019.

This is the second time Mr. Marzocco has been suspended for excessive trading. In July 2020, Mr. Marzocco contended to an 11-month suspension after FINRA alleged that he engaged in quantitatively unsuitable trading in a customer’s account. The findings stated that Marzocco’s trading of the accounts resulted in high turnover rates and cost-to-equity ratios, as well as significant losses. The customers suffered collective losses of $196,331 and paid $81,523 in commissions and fees. Marzocco also recommended a significant number of trades using margin in the customer accounts. In particular, Marzocco recommended using margin to a customer, even though he was aware that the customer’s financial circumstances made it unsuitable for him.

Network 1 Financial Securities Inc. Broker Carl Antaki (Formerly of First Standard Financial Company LLC) Suspended by FINRA for Excessive and Unsuitable Trading

Published on: May 21, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Carl Antaki from the securities industry for three months. Mr. Antaki consented to the suspension after FINRA alleged that he excessively and unsuitably traded a customer’s account. FINRA also fined Mr. Antaki $5,000 and ordered him to pay $22,865 in restitution to the customer.

The alleged conduct occurred while First Standard Financial Company LLC employed Mr. Antaki in Melville, New York. Since September 2019, Mr. Antaki has been registered with Network 1 Financial Securities Inc. in Syosset, New York.

As discussed more fully below, Mr. Frey has a long history of customer complaints, associations with disreputable firms, and at least one employment termination.

Financial Advisor Christian Lucchetto Suspended by FINRA for Excessive Trading

Published on: January 20, 2021 | by Iorio Altamirano

FINRA has suspended financial advisor Christian Frank Lucchetto (CRD No. 4648994) from the securities industry for three months and fined him $5,000.

FINRA alleged that between January 2018 through May 2019, while employed by First Standard Financial Company in Red Bank, NJ, Frank Lucchetto excessively and unsuitably traded a customer’s account, in violation of FINRA Rules 2111 and 2010.

Mr. Lucchetto, who has ten years of experience in the securities industry, has been employed as a financial advisor at the following brokerage firms since 2011:

INVESTIGATION: Former Edward Jones Financial Advisor Matthew Jennings Barred by FINRA– Johnston, Iowa

Published on: November 21, 2020 | by Iorio Altamirano

FINRA has barred financial advisor Matthew Jennings (CRD# 6762685) from the securities industry for refusing to cooperate with a FINRA investigation. Mr. Jennings was fired by Edward Jones in August 2019 due to concerns that he introduced clients to investments not offered through the firm. This type of conduct is often referred to as “selling away.”

What is “selling away?”

“Selling away” is when a financial advisor solicits a customer to participate in a private securities transaction that is not offered or approved by the brokerage firm where the financial advisor is employed or registered.

Financial Advisor Frank Venturelli (CRD# 6403468) SUSPENDED by FINRA – New Jersey

Published on: October 19, 2020 | by Iorio Altamirano

FINRA has suspended Frank Venturelli from the securities industry for 11 months. Frank Venturelli was a financial advisor and registered representative at the following firms:

Arive Capital Markets, Bay Ridge, NY (September 2019 to December 2019); and
First Standard Financial Company LLC, Red Bank, NJ (November 2014 to September 2019).

Financial Advisor Jeffrey Broten (CRD# 1006678) BARRED by FINRA – New Jersey

Published on: October 16, 2020 | by Iorio Altamirano

FINRA has permanently barred Jeffrey A. Broten from the securities industry. Jeffrey Broten was a financial advisor and registered representative at the following firms:

Newbridge Securities Corporation (affiliated with Black River Wealth Management LTD), Morristown, NJ (August 2019 to December 2019);
First Standard Financial Company LLC, Red Bank, NJ (February 2018 to August 2019); and