Broker Misconduct

Financial Advisor Cynthia Diane Cowden (CRD# 2054676) BARRED by FINRA for Recommending High- Risk Investments to Three Senior Customers – Lake Isabella, CA

Published on: October 23, 2020 | by Iorio Altamirano

**Update: 3/22/2021** Ms. Cowden has been the subject of two additional customer disputes since November 2020. First, in November 2020, a customer filed a securities arbitration complaint alleging $400,000 in damages concerning a real estate security recommendation. The causes of action included breach of fiduciary duty, unauthorized trading, and elder abuse. Second, in January 2021, a customer filed a written complaint with NPB Financial Group, LLC alleging $350,000 in damages related to an unsuitable investment recommendation. The customer has not yet filed a securities arbitration complaint. If you or a loved one were a customer of Diane Cowden, contact securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of the investment or retirement accounts.

Original Post:

Financial Advisor Cynthia Diane Cowden (CRD# 2054676) BARRED by FINRA for Recommending High- Risk Investments to Three Senior Customers – Lake Isabella, CA

Financial Advisor Donatas B. Vildzius (CRD# 2202883) SUSPENDED for a Third Time by FINRA for Excessive Trading – Danbury, CT

Published on: October 23, 2020 | by Iorio Altamirano

On October 9, 2020, FINRA suspended Donatas B. Vildzius from the securities industry for six months and fined him $5,000. This sanction is the third time Mr. Vildzius has been suspended by FINRA, with previous suspensions in 2006 and 2014. Donatas Vildzius is a stockbroker and registered representative at Network 1 Financial Securities Inc. in Danbury, CT.

The latest suspension is the result of a FINRA investigation alleging that between August 2015 and April 2017, while employed by Network 1 Financial Services Inc., Vildzius excessively traded the accounts of two customers.

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. Excessive trading is wrong.

Broker Bryan Mazliach Investigated by FINRA For Excessive Trading in 7 Customer Accounts and Hundreds of Unauthorized Trades

Published on: October 22, 2020 | by Iorio Altamirano

On September 8, 2020, FINRA filed a complaint against former Westpark Capital and Laidlaw & Company broker Bryan Gabriel Mazliach (CRD#: 5518438). The complaint alleges that Mazliach engaged in excessive trading in 7 customer accounts and executed over 400 unauthorized trades in 10 customer accounts. Many of the investors who suffered losses are elderly.

The allegations involve Mazliach’s conduct between February 2015 and July 2017:

Mazliach engaged in excessive and unsuitable trading in five customer accounts.

INVESTIGATION: Former Morgan Stanley and Westpark Capital, Inc. Financial Advisor Stephen Sloane (CRD# 1257601) Investigated by FINRA for Unsuitable Trades in 14 Customer Accounts– New York, NY

Published on: October 22, 2020 | by Iorio Altamirano

FINRA has filed an enforcement complaint against Stephen Sloane, alleging that from January 2014 to January 2018, he recommended an unsuitable investment strategy to at least 14 customers. The complaint alleges that Sloane did not have a reasonable basis for recommending that his customers engage in active, short-term trading of U.S. Treasuries with 10- and 30-year maturities. FINRA alleged that Sloane did not conduct reasonable diligence to understand the effect of the strategy’s costs on the customers’ potential returns. FINRA has also alleged that Sloane charged five customers excessive markups in violation of FINRA Rule 2121 and 2010.

Stephen Sloane was a financial advisor and registered representative at the following firms:

Westpark Capital, Inc., New York, NY (March 2016 – August 2020); and

Morgan Stanley Fined, Censured, And Ordered to Pay Nearly $775,000 in Restitution to Customers Over Former Broker Kevin Gunnip (CRD# 2701801)

Published on: October 21, 2020 | by Iorio Altamirano

On August 12, 2020, Morgan Stanley and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) over allegations that it failed to reasonably supervise its former broker Kevin Gunnip. As part of the AWC, Morgan Stanley agreed to pay a $175,000 fine and was censured by FINRA. It also agreed to pay eight clients $774,574 in restitution. Two other customers have already settled separately with Morgan Stanley.

The Morgan Stanley AWC allegations involve Kevin Gunnip’s and its own conduct between 2012 and 2017:

Gunnip recommended short-term trades in ten customer accounts;

Financial Advisor Frank Venturelli (CRD# 6403468) SUSPENDED by FINRA – New Jersey

Published on: October 19, 2020 | by Iorio Altamirano

FINRA has suspended Frank Venturelli from the securities industry for 11 months. Frank Venturelli was a financial advisor and registered representative at the following firms:

Arive Capital Markets, Bay Ridge, NY (September 2019 to December 2019); and
First Standard Financial Company LLC, Red Bank, NJ (November 2014 to September 2019).

Financial Advisor Jeffrey Broten (CRD# 1006678) BARRED by FINRA – New Jersey

Published on: October 16, 2020 | by Iorio Altamirano

FINRA has permanently barred Jeffrey A. Broten from the securities industry. Jeffrey Broten was a financial advisor and registered representative at the following firms:

Newbridge Securities Corporation (affiliated with Black River Wealth Management LTD), Morristown, NJ (August 2019 to December 2019);
First Standard Financial Company LLC, Red Bank, NJ (February 2018 to August 2019); and