Network 1 Broker Mark A. Miranda Under Investigation Over Allegations of Unsuitability and Unauthorized Trading
Posted: June 6th, 2017
Silver Law Group is investigating New York-based Network 1 Financial Securities Inc. (CRD# 13577) broker Mark A. Miranda (CRD# 2793426) after numerous customer complaints alleging unauthorized trading and unsuitability.
According to Miranda’s FINRA BrokerCheck report, four customer disputes are pending against Miranda.
The first customer dispute, filed in November 2014, alleges unauthorized trading, churning, breach of fiduciary duty, and damages in the amount of over $300,000.00. The second, filed in December 2015, allege unsuitability and damages in the amount of over $86,000.00. The third, filed in April 2016, alleges excessive fees charged for securities transactions and damages of over $47,000.00. The final pending customer dispute, filed in September 2016, alleges unsuitability and damages of almost $50,000.
In 2008, Miranda filed bankruptcy due to obligations to the U.S. Government, according to his BrokerCheck report. In 2012, a $39,000.00 tax lien was levied against Miranda.
In 2010, another customer dispute filed against Miranda settled for $150,000.00. The complaint alleged Miranda made unsuitable transactions in speculative stocks, often on margin, and churned the account to generate commissions.
In Miranda’s 19 years in the securities industry, Miranda has worked at nine different firms. Of those nine firms, six of them have been expelled by FINRA, including the last three firms Miranda worked for prior to Network 1 Financial Securities.
Network 1 Financial Securities has some brokers with lengthy disclosures on their CRD/BrokerCheck reports. The entire board and/or direct owners listed on the Network 1 Financial Securities BrokerCheck reports have at least four disclosures a piece, including chief compliance officer Philip A. Dina (CRD# 1368917) who we wrote about in September 2016.
Network 1 Financial Securities also employs Robert T. Ciaccio Jr (CRD# 3039424), a broker with eight BrokerCheck disclosures whose last three firms mirror Miranda’s. Again, those three firms, Obsidian Financial Group, Empire Financial Group, and Ehrenkrantz King Nussbaum, have all been barred by FINRA.
Miranda is based out of the Syosset, New York Network 1 Financial Securities branch and has been registered with the firm since December 2012. According to Miranda’s detailed CRD report, Miranda is the managing director of Global Network & Associates, Inc., the holding company of office operations. Similarly, Ciaccio holds the same title at the same entity. The entity is not listed on Network 1 Financial Securities’ detailed CRD report.
Contact Our Firm if You’ve Lost Money
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If you have invested with Mark A. Miranda, Robert T. Ciaccio, Philip A. Dina, or any other Network 1 Financial Securities broker and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
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