churning

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.

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.

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:

Steven Robert Luftschein, Formerly with Aegis Capital Corp, Barred by FINRA

Published on: January 14, 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.

**Update: April 15, 2021** On February 1, 2021, another customer of Steven Luftschein filed a securities arbitration complaint against Mr. Luftschein and Aegis Capital Corp. for recommending unsuitable investments. If you have suffered financial losses investing with Mr. Luftschein or Aegis Capital Corp, contact Iorio Altamirano LLP for a free and confidential review of your legal rights.

Former Merrill Lynch Broker in Beverly Hills, Ryan Raskin, Barred by FINRA

Published on: January 14, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Ryan Ashley Raskin from the securities industry. Ryan Raskin was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) in Beverly Hills, California, from May 2016 until May 2020. Merrill Lynch terminated Mr. Raskin’s employment on March 4, 2020, alleging that his business practices were inconsistent with Merrill Lynch’s standards. The business practices purportedly included inappropriate investment recommendations involving mutual funds.

According to public records, shortly after Mr. Raskin’s termination, a customer complained that Mr. Raskin engaged in unauthorized trading and churning of mutual funds and money funds from January 2018 until January 2020. Peculiarly, Merrill Lynch denied this customer’s complaint.

Investors should be aware that filing a complaint directly with a financial institution, like Merrill Lynch, is not the same as filing a securities arbitration complaint. If an investor is seeking monetary compensation, the investor must initiate a securities arbitration through FINRA Dispute Resolution Services.

Jason Collichio, with Worden Capital Management LLC, Suspended by FINRA Over Supervisory Failures

Published on: January 4, 2021 | by Iorio Altamirano

FINRA has suspended Jason Collichio from associating with any FINRA member in any principal capacity for three months. Mr. Collichio has been registered with Worden Capital Management LLC (“WCM”) in Garden City, New York, since 2009. He has been registered as a principal with the firm since 2012. Mr. Collichio initially registered with FINRA in 2003.

Iorio Altamirano LLP is currently investigating claims on behalf of WCM customers after the firm was sanctioned more than $1.5 million by FINRA, including restitution, for making unsuitable recommendations and excessively trading customers’ accounts. A FINRA restitution order does not preclude investors from pursuing their own claims to seek restitution or other available remedies. Investors harmed by WCM’s supervisory failures may have a claim against the firm. You can read more about it here.

If you have lost money with WCM, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your account.

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