After multiple allegations and failure to supervise, New York broker Marc Arena faces stiff FINRA suspension.
Newport Coast Securities broker Marc Arena has received a suspension from the Financial Industry Regulatory Authority (FINRA) for failing to adequately supervise a member of his FINRA registered firm. He allegedly did not take action to address multiple red flags indicating that a member of his firm was participating in excessive trading, churning, and giving unsuitable recommendations to customers. As the supervisor, it was his responsibility to take reasonable action to address this broker misconduct and ensure that it did not continue to occur. According to FINRA reports, Mr. Arena’s alleged failure to take action resulted in a FINRA suspension for acting in any capacity for 10 days and a suspension for acting in any principal capacity for 23 months ending in October, 2017.
Arena’s history in the securities industry
Mr. Arena was most recently registered with Newport Coast Securities of Westbury, NY, from 10/08-03/13. He was previously registered with Basic Investors of Melville, NY, from 08/06-10/08, with First Montauk Securities Corp of Hauppauge, NY, from 02/03-08/06, Harrison Securities of Port Washington, NY, from 08/02-03/03, Mantis Securities Inc. of Levittown, NY, between 07/00-07/02, Gunnallen Financial Inc. in Tampa, FL, from 04/98-08/00 and Duke & Co. Inc. of New York, NY, from 10/96-04/98.
Arena has also been the subject of other complaints during his career including a FINRA allegation that he failed to disclose a tax lien. He also was the subject of a customer complaint in 2013 that he executed excessive trades, made unsuitable recommendations, and was accused of a breach of fiduciary duty and negligence while registered with Newport Coast. In addition, he was accused of churning and misrepresenting facts, breach of contract, and breach of fiduciary duty in another 2013 complaint. These complaints were both settled. The IRS also reports multiple tax liens against Arena.
Have You Been The Victim of Investor Misconduct?
Investment brokers have a moral and professional obligation to conduct business in an honest way with a customer’s financial goals and best interest in mind. When a broker fails to do so, it puts those customers at extreme financial risk and can result in the loss of customer funds. If you think that you have been a victim of misconduct, you should talk to an attorney to learn what options you might have to recover your lost funds.
Silver Law Group specializes in investment fraud and securities arbitration cases and has a proven track record of success recovering lost investment funds for clients. To date, Silver Law Firm has recovered over $70 million dollars in investment fraud cases and $44 million in Ponzi financial fraud cases. Our experienced team can help you recover your lost investment funds and find a way to put the difficult situation behind you once and for all. Call Silver Law Group at 1-800-975-4345 to speak with a member of our team who can help determine if you have a case to pursue. All consultations are free and the firm operates on a contingency fee basis, meaning that they are not compensated unless they help you recover lost funds.