Broker Misconduct

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.

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.

Fort Lauderdale Financial Advisor Bryan Mazliach BARRED by FINRA For Excessive Trading and Unauthorized Trades

Published on: January 25, 2021 | by Iorio Altamirano

On January 20, 2021, a Financial Industry Regulatory Authority Hearing Officer barred Bryan G. Mazliach from the securities industry for:

Recommending and effecting an unsuitable investment strategy to five customers involving in-and-out, short-term, and excessive trading.
Executing unauthorized trades in the accounts of eight customers.

Charlotte, North Carolina Financial Advisor Gary Wayne Hammond BARRED by FINRA

Published on: January 22, 2021 | by Iorio Altamirano

FINRA has barred stockbroker Gary Wayne Hammond from the securities industry. On January 19, 2021, Mr. Hammond and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) over allegations that between February 2016 and October 2016, Mr. Hammond participated in at least 14 private securities transactions totaling $1.6 million without providing written notice to his firm. At the time, Mr. Hammond was registered with MSI Financial Services.

If you have lost money with Gary Wayne Hammond or MSI Financial Services f/k/a MetLife Securities, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA AWC

Financial Advisor Christian Lucchetto Suspended by FINRA for Excessive Trading

Published on: January 20, 2021 | by Iorio Altamirano

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:

Sparks, Nevada Financial Advisor, Javelin Mikol San Nicolas, Formerly of Edward Jones, BARRED by FINRA

Published on: January 19, 2021 | by Iorio Altamirano

FINRA has barred stockbroker Javelin Mikol San Nicolas from the securities industry. FINRA expelled Mr. San Nicolas 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 Edward Jones in August 2020.

Mr. San Nicolas was a financial advisor at Edward Jones in Sparks, Nevada, from December 2016 until his employment was terminated in August 2020. Edward Jones discharged Mr. San Nicolas over concerns that a client issued cashiers’ checks in the amount of $49,000 to Mr. San Nicolas with proceeds that were withdrawn from the client’s account at Edward Jones. Mr. San Nicolas stated that the checks were for the option of purchasing two Personal Seat Licenses for the Las Vegas Raiders football team, to be transferred to the client’s name later in 2020. At the time of the termination, the client had not received the purported Personal Seat Licenses.

The client filed a complaint with Edward Jones in July 2020. No further details are publicly available regarding this pending complaint.