Articles Tagged with unauthorized trading

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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.

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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.
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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
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