best interest

Broker Spotlight: Daniel Silverstein of Arive Capital Markets – Miami, Florida

Published on: February 12, 2021 | by Iorio Altamirano

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.

Investigative Report: Iorio Altamirano LLP Investigation into Arive Capital Markets Reveals Troubling Pasts for Owners, Executives, and Brokers

Published on: February 8, 2021 | by Iorio Altamirano

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.

Former David Lerner Associates Financial Advisor, Charles Bonilla, Suspended by FINRA for Unsuitable Energy-Sector Securities – Boca Raton, FL

Published on: February 8, 2021 | by Iorio Altamirano

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 suitable. Mr. Bonilla was a broker with David Lerner Associates, Inc. in Boca Raton, FL when the alleged conduct occurred.

If you have suffered financial losses investing with Mr. Bonilla or suspect that Mr. Bonilla did not have your best interest in mind when recommending investments, including energy-sector mutual funds or limited partnerships, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Portland Financial Advisor, Lisa Brumm, Suspended by FINRA for Unsuitable Variable Annuity Recommendations, Borrowing from a Client, and Negligent Misrepresentation

Published on: February 5, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Lisa Ann Brumm (also known as Lisa Am Brumm and Lisa Ann Moon) from the securities industry for six months and fined her $7,500. Lisa Brumm was registered with Woodbury Financial Services, Inc. in Portland, Oregon, from April 2017 until December 2020. She was previously registered with AXA Advisors, LLC (now known as Equitable Advisors LLC) from July 2011 to May 2017. Ms. Brumm is also the CEO and founder of My Financial Girlfriend (Moon & Bear LLC).

FINRA suspended Ms. Brumm for recommending two unsuitable variable annuities to a customer, borrowing $40,000 from the same customer, and negligently misrepresenting the effect of a withdrawal from a variable annuity to another customer.

If you have suffered financial losses investing with Lisa Brumm or suspect that Ms. Brumm did not have your best interest in mind when recommending investments, annuities, or annuity switches, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

Arive Capital Markets Broker, Lon Faccini, Facing Two Pending Disputes Alleging Excessive Trading, Churning, Misrepresentation, and Unsuitability

Published on: February 5, 2021 | by Iorio Altamirano

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.

Former J.P. Morgan Securities Broker Jasmit Singh SUSPENDED by FINRA – New York, NY

Published on: February 3, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has suspended former broker Jasmit Singh from the securities industry for seven months over allegations that Mr. Singh participated in private securities transactions and engaged in outside business activities without providing prior written notice to his firm. In addition to the suspension, FINRA fined him $10,000 and ordered him to disgorge $5,500 in finder’s fees.

Mr. Singh was registered as an Investment Banking Representative with J.P. Morgan Securities LLC (“J.P. Morgan”) in New York, NY, from August 2017 until February 2020.

If you have lost money with former broker Jasmit Singh or J.P. Morgan, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Columbus, Ohio Financial Advisor Lisa Stevenson, Formerly of The Huntington Investment Company, BARRED by FINRA

Published on: February 3, 2021 | by Iorio Altamirano

FINRA has barred stockbroker Lisa Marie Stevenson (Lisa Marie Gastaldo) from the securities industry. FINRA expelled Ms. Stevenson from the brokerage industry because she refused to provide information and documents connected with FINRA’s investigation into the circumstances given rise to her termination from The Huntington Investment Company in December 2020.

Ms. Stevenson was a financial advisor at The Huntington Investment Company in New Albany, Ohio, from March 2016 until her employment was terminated in December 2020. The Huntington Investment Company fired Ms. Stevenson after she admitted that she received, among other things, a $100,000 gift from a customer in contravention of firm policy and FINRA rules.

If you have suffered financial losses investing with Lisa Stevenson or suspect that Ms. Stevenson did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account .

Investor Alert: Iorio Altamirano LLP Continues to Investigate Robinhood, Webull, T.D. Ameritrade, Interactive Brokers, Charles Schwab, and Other Brokerage Firms for Market Manipulation and Breach of Contract

Published on: February 1, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims of market manipulation and breach of contract after Robinhood Markets, Webull Financial LLC, T.D. Ameritrade, Charles Schwab, E*Trade Financial Corp., Interactive Brokers Group, and other online brokerage platforms halted the ability of its clients to purchase GameStop (NYSE: GME), AMC (NYSE: AMC), Novavax, Inc. (NASDAQ: NVAX), Express (NYSE: EXPR), Blackberry (NYSE: BB), Bed Bath & Beyond (NASDAQ: BBBY), Koss Corp. (NASDAQ: KOSS) and Nokia (NYSE: NOK) stock on January 28, 2021.

According to reports, after the popular online brokerage firms implemented the trading restrictions, GameStop ($GME) dropped 44%, and AMC ($AMC) lost 57%. The trading restrictions, which appear to have sent the share prices of targeted companies plunging, set off a firestorm of criticism, including Congress members.

New York Attorney General Letitia James released the following statement on January 28, 2021: “We are aware of concerns raised regarding activity on the Robinhood app, including trading related to the GameStop stock. We are reviewing this matter.”

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.

Investor Alert: Iorio Altamirano LLP Investigates Robinhood, T.D. Ameritrade, Charles Schwab, and Other Brokerage Firms for Market Manipulation

Published on: January 28, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is investigating claims of market manipulation and breach of contract after Robinhood Markets, T.D. Ameritrade, Charles Schwab, and other brokerage firms halted the ability of its clients to purchase GameStop ($GME), AMC ($AMC), Blackberry ($BB), and Nokia ($NOK) stock.

To read our most recent blog post on this investigation, please click here.

The Financial Industry Regulatory Authority, which regulates brokerage firms like Robinhood, T.D. Ameritrade, and Charles Schwab, requires that broker-dealers make every effort to execute a marketable customer order that it receives fully and promptly.