Securities Arbitration Lawyers BlogMarc Arena: Hear No Evil, See No Evil Allegations
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.