Articles Tagged with churning

Mirsad Muharemovic is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers.

Mr. Muharemovic has 22 years of experience in the securities industry.  He has been associated with nine different broker-dealers, including a past association with a firm expelled by FINRA.

Mr. Muharemovic has been the subject of three customer complaints, including one dispute that is still pending and another one resulting in an arbitration award for the complaining customer.

Daniel Louis Silverstein is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in North Miami Beach, Florida.  Mr. Silverstein has a history of associations with disreputable broker-dealers, financial liens, and at least one customer complaint.

Mr. Silverstein has 16 years of experience in the securities industry and has been associated with eight different broker-dealers.  He averages just two years at each stop. In September 2018, he was hired by Arive Capital Markets.

If you have lost money with broker Daniel Silverstein or Arive Capital Markets, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

This post is the first in a series of investigative blog posts that spotlight modern-day boiler rooms that operate under the guise of a reputable brokerage firm.  Many of the broker-dealers featured in this series still use boiler room tactics such as cold-calling customers and high pressure or aggressive sales tactics.  Other brokerage firms have a propensity for broker misconduct, such as excessive trading, churning, unauthorized trades, and misrepresentation.  Iorio Altamirano LLP is a securities arbitration law firm based in New York City. We represent investors nationwide who have suffered investment losses due to wrongful conduct by financial advisors and brokerage firms.  We are investor advocates.

SUMMARY:

  • In 2017, in collaboration with Columbia Law School, Reuters analyzed FINRA data and identified 48 firms whose brokers have been flagged for serious incidents. In 2021, our firm set out to update that analysis. 

Joseph Patrick Fuller is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Bay Ridge, NY, with a history of customer complaints, associations disreputable broker-dealers, financial liens, and employment termination.

Mr. Fuller has 11 years of experience in the securities industry and has been associated with 11 different broker-dealers, including a past association with a firm expelled by FINRA.  Twice his employment ended after alleged wrongful conduct.

Mr. Fuller has been the subject of two customer complaints, including one dispute that is still pending.

Lon Charles Faccini Jr. is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, NY, with a history of customer complaints and associations with disreputable broker-dealers.

Mr. Faccini has been the subject of seven customer complaints, which include two pending disputes. The pending disputes are securities arbitration claims filed by customers of Mr. Faccini.  At least one of the customers was also a client of Arive Capital Markets.  The Arive Capital Markets customer alleged excessive trading, churning, and unsuitability.  The second customer alleged misrepresentation and unsuitability.

If you have lost money with broker Lon Faccini or Arive Capital Markets, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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.

FINRA has suspended financial advisor Anthony (Tony) Tricarico from the securities industry for six months and fined him $5,000.

FINRA alleged that between November 2014 and November 2015, while employed by Aegis Capital Corp. in New York, NY, Mr. Tricarico violated FINRA Rules 2111 and 2010 when he engaged in excessive and quantitatively unsuitable trading in the accounts of three customers.

Mr. Tricarico was employed by Aegis Capital Corp. in New York, NY, from March 2010 until July 2020.

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.

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:

FINRA has barred financial advisor Steven Robert Luftschein, also known as Steven Lerner, from the securities industry. He was associated with nine different broker-dealers before joining Aegis Capital Corp. (“Aegis”). Mr. Luftschein was registered with Aegis between June 2013 and October 2016 and worked in their Melville, New York branch.

On January 13, 2021, FINRA accepted Mr. Luftschein’s Offer of Settlement and ordered that Mr. Luftschein be barred from associating with any FINRA member firm in any capacity.

If you have lost money with Steven Robert Luftschein or Aegis, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

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