Securities Arbitration Lawyer Blog

Key Investor Issues Outlined in FINRA 2021 Exam Priorities – Part One

Published on: February 3, 2021 | by Iorio Altamirano

Earlier this week, FINRA released its 2021 Report on Risk Monitoring and Examination Activities. The Report replaced two of FINRA’s prior publications – FINRA’s Examination Findings and Observations Report and FINRA’s Risk Monitoring and Examination Priorities Letter. The Report provided an in-depth look at FINRA’s priorities, recommended best practices for broker-dealer members, and regulatory findings. The Report reiterated FINRA’s commitment to protecting senior and vulnerable investors and highlighted several important areas of interest that directly affect retail investors, including:

Regulation Best Interest (Reg BI)
Communications with the Public

Columbus, Ohio Financial Advisor Lisa Stevenson, Formerly of The Huntington Investment Company, BARRED by FINRA

Published on: February 3, 2021 | by Iorio Altamirano

FINRA has barred stockbroker Lisa Marie Stevenson (Lisa Marie Gastaldo) from the securities industry. FINRA expelled Ms. Stevenson from the brokerage industry because she refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to her termination from The Huntington Investment Company in December 2020.

Ms. Stevenson was a financial advisor at The Huntington Investment Company in New Albany, Ohio, from March 2016 until her employment was terminated in December 2020. The Huntington Investment Company fired Ms. Stevenson after she admitted that she received, among other things, a $100,000 gift from a customer in contravention of firm policy and FINRA rules.

If you have suffered financial losses investing with Lisa Stevenson or suspect that Ms. Stevenson did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account .

Investor Alert: Iorio Altamirano LLP Continues to Investigate Robinhood, Webull, T.D. Ameritrade, Interactive Brokers, Charles Schwab, and Other Brokerage Firms for Market Manipulation and Breach of Contract

Published on: February 1, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims of market manipulation and breach of contract after Robinhood Markets, Webull Financial LLC, T.D. Ameritrade, Charles Schwab, E*Trade Financial Corp., Interactive Brokers Group, and other online brokerage platforms halted the ability of its clients to purchase GameStop (NYSE: GME), AMC (NYSE: AMC), Novavax, Inc. (NASDAQ: NVAX), Express (NYSE: EXPR), Blackberry (NYSE: BB), Bed Bath & Beyond (NASDAQ: BBBY), Koss Corp. (NASDAQ: KOSS) and Nokia (NYSE: NOK) stock on January 28, 2021.

According to reports, after the popular online brokerage firms implemented the trading restrictions, GameStop ($GME) dropped 44%, and AMC ($AMC) lost 57%. The trading restrictions, which appear to have sent the share prices of targeted companies plunging, set off a firestorm of criticism, including Congress members.

New York Attorney General Letitia James released the following statement on January 28, 2021: “We are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock. We are reviewing this matter.”

Arive Capital Markets’ Roy Failla Suspended by New Jersey for Engaging in Dishonest and Unethical Practices in the Securities Business, Including Excessive Trading

Published on: February 1, 2021 | by Iorio Altamirano

The State of New Jersey Bureau of Securities has suspended the registration of stockbroker Roy Joseph Failla for 45-days and fined him $15,000.

The New Jersey regulator alleged that between October 27, 2014, through September 25, 2019, while employed by First Standard Financial Company in New York, NY, Roy Failla excessively and unsuitably traded two customers’ accounts.

Mr. Failla has since been associated with Arive Capital Markets, LLC (“Arive Capital Markets) in Staten Island, NY as a financial advisor and the firm’s Senior Vice President of Business Development. Also, according to public records, Mr. Failla has an indirect ownership interest in Arive Capital Markets.

Investor Alert: Iorio Altamirano LLP Investigates Robinhood, T.D. Ameritrade, Charles Schwab, and Other Brokerage Firms for Market Manipulation

Published on: January 28, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims of market manipulation and breach of contract after Robinhood Markets, T.D. Ameritrade, Charles Schwab, and other brokerage firms halted the ability of its clients to purchase GameStop ($GME), AMC ($AMC), Blackberry ($BB), and Nokia ($NOK) stock.

To read our most recent blog post on this investigation, please click here.

The Financial Industry Regulatory Authority, which regulates brokerage firms like Robinhood, T.D. Ameritrade, and Charles Schwab, requires that broker-dealers make every effort to execute a marketable customer order that it receives fully and promptly.

Former Broker Michael August Pellegrino SUSPENDED by FINRA

Published on: January 26, 2021 | by Iorio Altamirano

FINRA has suspended former stockbroker Michael August Pellegrino from the securities industry for two months. On January 26, 2021, Mr. Pellegrino and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) over allegations that Mr. Pellegrino distributed a retail communication to approximately 80 retail investors, promoting an investment in a “short-term, high yield contract” issued by a Florida LLC. The communication contained improper projections of future performance, misleading statements, and omitted material information, in violation of FINRA Rules. At the time, Mr. Pellegrino was registered with FINRA-member Taylor Capital Management Inc. (“TCM”).

In addition to imposing a two-month suspension, FINRA also fined Mr. Pellegrino $10,000.

If you have lost money with former stockbroker Michael August Pellegrino or TCM, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Former Merrill Lynch Broker in Atlanta, Tyler Delahunt, BARRED by FINRA

Published on: January 26, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Tyler Dean Delahunt from the securities industry. Tyler Delahunt was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) in Atlanta, Georgia, from October 2016 until August 2020. Merrill Lynch terminated Mr. Delahunt’s employment on August 3, 2020, alleging that his conduct involved improper solicitation of clients related to private securities transactions. Merrill Lynch also alleged that Mr. Delahunt participated in financial arrangements involving clients.

If you or a loved one were a customer of Tyler Delahunt and either sustained financial losses or suspect inappropriate activity, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Merrill Lynch.

Amarillo, Texas Financial Advisor David A. Jenson BARRED by FINRA

Published on: January 26, 2021 | by Iorio Altamirano

FINRA has barred stockbroker David A. Jenson from the securities industry. FINRA has barred Mr. Jenson from associating with any FINRA member firm in any capacity because Mr. Jenson refused to provide information and documents connected with FINRA’s investigation into whether Mr. Jenson recommended customers invest in an unsuitable concentration of church bonds. Mr. Jenson has been a financial advisor at Great Nation Investment Corporation in Amarillo, Texas, since September 2006.

If you have suffered financial losses investing with David A. Jenson or suspect that Mr. Jenson did not have your best interest in mind when recommending investments, including church bonds, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Great Nation Investment Corporation.

Financial Advisor Anthony Tricarico Suspended by FINRA for Excessive Trading While Employed at Aegis Capital Corp. – New York, NY

Published on: January 26, 2021 | by Iorio Altamirano

**Update: November 11, 2021** On November 8, 2021, Aegis Capital Corp agreed to pay nearly $2.7 million in sanctions for supervisory failures related to excessive and unsuitable trading by its brokers from July 2014 through December 2018. Click on the following link to read more: Aegis Capital Corp. Ordered to Pay Nearly $2.7 Million for Supervisory Failures Related to Rampant Excessive and Unsuitable Trading

Customers of Aegis Capital, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm. If you or a loved one were a customer of Aegis Capital, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

Original Post:

After Merrill Lynch Has Paid Over $66 Million to Settle Churning Allegations Against Former Broker Charles Kenahan, FINRA Has Barred Kenahan From the Industry.

Published on: January 25, 2021 | by Iorio Altamirano

Summary:

FINRA has barred financial advisor Charles Kenahan from the securities industry after he refused to cooperate with FINRA’s investigation.
In 2019, Bank of America Merrill Lynch agreed to pay $40 million to settle with Robert Levine, co-founder of Cabletron Systems, over churning allegations.

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