unauthorized trading

Broker Megurditch Mike Patatian, Formerly of Western International Securities, Inc. Facing Disciplinary Charges by FINRA for Recommending Unsuitable Illiquid REITs to 59 Customers, Including 21 Elderly Customers – Westlake Village, California

Published on: March 1, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Megurditch Patatian (aka Mike Patatian) alleging that, while associated with Western International Securities, Inc., Mr. Patatian engaged in conduct in violation of FINRA rules, including:

making 81 unsuitable recommendations to purchase over $7.8 million in non-traded Real Estate Investment Trusts (REITs) to 59 customers, including 21 senior investors;
recommending illiquid non-traded REIT to six customers that also needed liquidity;

Broker Spotlight: Daniel T. Lerner of David Lerner Associates, Inc. Facing Three Pending Securities Arbitration Complaints – White Plains, New York

Published on: February 28, 2021 | by Iorio Altamirano

**Update: 4/19/21** In March 2021 another customer filed a securities arbitration complaint against Daniel Todd Lerner and David Lerner Associates, Inc. The customer has alleged over $515,000 in damages as a result of unsuitable investment recommendations related to Energy 11 and an unspecific mutual fund (possibly, SOAEX). The complaint alleged unsuitability, misrepresentation, breach of fiduciary duty, and unauthorized trading.

Financial Advisors in Morgan Stanley’s Global Sports and Entertainment Group Have Been the Subject of Several Customer Disputes Over the Past Year

Published on: February 25, 2021 | by Iorio Altamirano

Morgan Stanley’s Global Sports and Entertainment Group is a division of Morgan Stanley Wealth Management that targets professional athletes and entertainers. The group consists of approximately 168 financial advisors across the country that hold the designation “Global Sports and Entertainment Directors.” Morgan Stanley promotes that these advisors are uniquely qualified to address the needs of actors, directors, writers, producers, musicians, songwriters, professional athletes, coaches, and sport team owners. Over the past year, these brokers have received several customer complaints, according to public records.

If you or a client were a customer of Morgan Stanley’s Global Sports and Entertainment Group and either sustained financial losses or suspect that Morgan Stanley did not have your best interest in mind when recommending investments or transactions, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Financial Advisor Darryl Cohen (CRD No. 2786613) – Westlake Village, CA

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.

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.

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.

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.