Securities Arbitration Lawyers BlogFINRA Investigates Daniel Pita For Outside Business Activities
Daniel Pita (CRD# 6759879) is a former registered broker last employed with NY Life Securities of Southwest Ranches, FL from 2018 through 2021. He has no other prior registrations with any broker dealer.
On December 10, 2021, NY Life filed a Uniform Termination Notice of Securities Industry Registration (Form U5) with FINRA indicating that the firm terminated his association. The firm’s parent company terminated Pita for “administrative reasons,” which were not disclosed.
Prior to his discharge, FINRA began an investigation into Pita’s outside business activities (OBA) that he failed to disclose during his tenure with NY Life. Despite his termination, FINRA retains jurisdiction over Pita for a period of two years after the discharge date. Therefore, Pita was still subject to complying with FINRA rules.
In the process of the investigation, FINRA made three written requests for additional information from Pita. This includes state and federal tax returns, bank and brokerage account information, details of OBA, and whether the OBA were disclosed to NY Life.
After the first letter, Pita contacted FINRA via email. He acknowledged receipt of the letter, stated that all OBA was disclosed to NY Life, and was no longer interested in working in the financial industry. He did not provide any of the requested information.
FINRA staff continued to attempt to reach Pita by phone as well as via the email he used to respond to no avail. Two additional letters also followed with no response from Pita.
In the petition, FINRA requests monetary sanctions against Pita, including the costs of the proceedings, and that the panel “make findings of fact and conclusions of law that Respondent committed the violations charged and alleged herein.”
Did You Invest With Daniel Pita?
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