FINRA has fined Network 1 Financial Securities Inc. (“Network 1”) $25,000 over best execution rule violations. The firm was also censured and consented to revise its written supervisory procedures to comply with best execution rules. Network 1 is headquartered in Red Bank, New Jersey, and has been a FINRA member…
Articles Posted in FINRA
Charleston, SC Financial Advisor Paul Halvorson, Formerly of Morgan Stanley, BARRED by FINRA
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Paul John Halvorson from the securities industry. FINRA expelled Mr. Halvorson from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to his termination from Morgan Stanley in November 2020.…
Former Transamerica Financial Advisors Wenru Liang and Jenny Xinfang Feng Suspended by FINRA – Columbia, MD
FINRA has suspended financial advisors Wenru Liang (“Liang”) and Jenny Xinfang Feng (“Feng”) from the securities industry for a six-month period. Neither is currently associated with any FINRA member. FINRA found that Liang and Feng engaged in unethical conduct between April 2017 and August 2020 by designating themselves as beneficiaries…
Broker Spotlight: Michael Hernandez of Arive Capital Markets – Brooklyn, New York
Michael Joseph Hernandez is a stockbroker with Arive Capital Markets LLC (“Arive Capital Markets”) in Brooklyn, New York. Mr. Hernandez has a history of associations with disreputable broker-dealers and at least one customer complaint, employment termination, and regulatory sanction. If you have lost money with broker Michael Hernandez or Arive…
Arive Capital Markets Broker, Mirsad Muharemovic, Accused of Churning, Excessive Trading, and High-Pressure Sales Tactics
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…
Broker Spotlight: Daniel Silverstein of Arive Capital Markets – Miami, Florida
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…
J.H. Darbie & Co., Inc. Fined $25,000 by FINRA Over Best Execution Rule Violations
Iorio Altamirano LLP is investigating claims on behalf of J.H. Darbie & Co., Inc. customers after the firm was censured and fined $25,000 by FINRA for best execution rule violations. Specifically, FINRA found that the firm’s publicly available reports on its order routing practices for non-directed orders contained inaccurate and…
Investor Alert: Iorio Altamirano LLP Investigates Triad Advisors LLC Over Supervisory Violations Related to Mutual Funds Trading and Variable Annuity Exchanges
Iorio Altamirano LLP is investigating claims on behalf of Triad Advisors LLC customers after the firm was censured and fined $150,000 by FINRA. The sanctions involve supervisory failures related to i) switches and short-term trading of A-share mutual funds in customer accounts and ii) variable annuity exchanges. Triad Advisors LLC…
Investigative Report: Iorio Altamirano LLP Investigation into Arive Capital Markets Reveals Troubling Pasts for Owners, Executives, and Brokers
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…
Former David Lerner Associates Financial Advisor, Charles Bonilla, Suspended by FINRA for Unsuitable Energy-Sector Securities – Boca Raton, FL
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Charles Bonilla from the securities industry for five months, fined him $5,000, and ordered him to disgorge $22,417 in commissions. FINRA suspended Mr. Bonilla for recommending energy-sector securities to customers without having a reasonable basis to believe those investments were…