Securities Arbitration Lawyer Blog
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.
Arive Capital Markets, LLC
According to a 2017 investigation by Reuters, Arive Capital Markets hired more brokers with a history of significant disclosures than all but two other firms in the country. In 2021, Iorio Altamirano LLP set out to update that analysis.
The investigation revealed that eighty percent (80%) of Arive Capital Markets’ brokers and supervisors have significant red flag public disclosures. Significant red flag disclosures include:
- regulatory sanctions,
- terminations of employment after allegations of misconduct,
- customer disputes that result in an award or settlement, and
- prior association with a firm that FINRA has expelled.
You can read the full investigative report here: Investigative Report: Iorio Altamirano LLP Investigation into Arive Capital Markets Reveals Troubling Pasts for Owners, Executives, and Brokers.
Mr. Silverstein is one of the brokers who had serious incidents reported on his BrokerCheck report.
Prior Associations
Mr. Silverstein has been associated with eight different brokerage firms in his career, including two past associations with firms expelled by FINRA. Mr. Silverstein has been affiliated with the following brokerage firms:
- Arive Capital Markets in North Miami Beach, Florida, from September 2018 – the present.
- Primex in Miami, Florida, from October 2011 – September 2018.
- Bass Financial, LLC in North Miami Beach, Florida, from November 2009 – September 2011 (expelled by FINRA).
- GWN Securities Inc. in Aventura, Florida, from March 2009 – July 2009.
- P. Turner & Company, L.L.C. in Deerfield Beach, Florida, from April 2008 – March 2009.
- Gunnallen Financial, Inc. in Boca Raton, Florida, from April 2007 – April 2008.
- Emmett A Larkin Company, Inc. in Fort Lauderdale, Florida, from October 2005 -April 2007.
- Salomon Grey Financial Corporation in Dallas, Texas, from January 2005 – November 2005 (expelled by FINRA).
- Gunnallen Financial, Inc. in Tampa, Florida, from June 2004 – January 2005.
- Salomon Grey Financial Corporation in Dallas, Texas, from June 2004 – July 2004 (expelled by FINRA).
Customer Complaint
Mr. Silverstein has also been the subject of a customer complaint which alleged churning, excessive trading, unauthorized trading, breach of fiduciary duty, and margin credit extension. The dispute was settled by the firm that employed Mr. Silverstein when the alleged conduct occurred.
Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.
Churning is a more egregious variation of excessive trading. Churning refers to a situation where the broker executed an excessive amount of trades and did so with the intent to defraud or reckless disregard for the customer’s interest.
Unauthorized trading often occurs in non-discretionary accounts, where a customer retains discretion. In non-discretionary accounts, brokers must obtain a customer’s permission every time before placing a trade.
Excessive trading, churning, and unauthorized trading are unethical and illegal. These practices are also violations of securities rules and regulations and can cause enormous harm to customers.
Financial Liens
According to Mr. Silverstein’s public disclosure report, he is the subject of three unsatisfied tax liens:
- 2018: $11,472.53 tax lien filed by the IRS.
- 2018: $67,485.63 tax lien filed by the IRS.
- 2013: $12,836.90 tax lien filed by the IRS.
Arive Capital Markets, LLC – Supervisory Duties
Brokerage firms like Arive Capital Markets, LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as churning, excessive trading, or unauthorized trading, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you or a loved one were a customer of Daniel Silverstein or Arive Capital Markets and either sustained financial losses or suspect that Mr. Silverstein did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.