Articles Tagged with unauthorized trading

FINRA has suspended former Edward Jones broker Lang Phu Nguyen from associating with any FINRA member for 45 days for exercising discretion in customer accounts without prior written authorization and violating firm policies prohibiting the use of personal email for business purposes.

Nguyen was also fined $5,000. He is no longer associated with a FINRA member but remains subject to FINRA’s jurisdiction.

If you have lost money with Lang Phu Nguyen, or Edward Jones, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Megurditch Patatian (aka Mike Patatian) alleging that, while associated with Western International Securities, Inc., Mr. Patatian engaged in conduct in violation of FINRA rules, including:

  • making 81 unsuitable recommendations to purchase over $7.8 million in non-traded Real Estate Investment Trusts (REITs) to 59 customers, including 21 senior investors;
  • recommending illiquid non-traded REIT to six customers that also needed liquidity;

Daniel Todd Lerner is a stockbroker with David Lerner Associates, Inc. (“David Lerner ”) in White Plains, New York, with a history of customer complaints.

Mr. Daniel T. Lerner has been the subject of seven customer complaints, which include three pending disputes. The pending disputes are securities arbitration claims filed by customers of Mr. Daniel T. Lerner, alleging that he unsuitably recommended purchasing Energy 11, LP, a limited partnership investment that invests in offshore oil and gas properties.  Two of the complaints also include allegations that Mr. Daniel T. Lerner unsuitably recommended the purchase of the Great Art Fund.   All three complaints allege that Mr. Lerner misrepresented and omitted material facts related to these investments.

Separately, in January 2021, a customer alleged $100,000 in damages resulting from unsuitable investment recommendations concerning a mutual fund, as well as interests in Direct Participation Programs (DPP) and Limited Partnerships (LPs).  A DPP is a financial security that enables investors to participate in a business venture’s cash flow and tax benefits.  The customer did not file a securities arbitration complaint.  Instead, the customer complained directly to David Lerner, and the firm denied the complaint. Customers such as this investor may still file a securities arbitration complaint.  They should contact an experienced securities arbitration attorney to further consultation.

Morgan Stanley’s Global Sports and Entertainment Group is a division of Morgan Stanley Wealth Management that targets professional athletes and entertainers.  The group consists of approximately 168 financial advisors across the country that hold the designation “Global Sports and Entertainment Directors.”   Morgan Stanley promotes that these advisors are uniquely qualified to address the needs of actors, directors, writers, producers, musicians, songwriters, professional athletes, coaches, and sport team owners.  Over the past year, these brokers have received six customer complaints, according to public records.

If you or a client were a customer of Morgan Stanley’s Global Sports and Entertainment Group and either sustained financial losses or suspect that Morgan Stanley did not have your best interest in mind when recommending investments or transactions, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Financial Advisor Darryl Cohen (CRD No. 2786613) – Westlake Village, CA

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.

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