UPDATE: Investigation of MARC A. ARENA of National Securities Corp. and Newport Coast Securities
UPDATE to Israels & Neuman, PLC investigation of MARC A. ARENA of NATIONAL SECURITIES CORPORATION and NEWPORT COAST SECURITIES, INC. of Westbury, New York
Israels & Neuman, PLC previously reported that FINRA, the Financial Industry Regulatory Authority named Marc Arena as a Respondent in a Complaint alleging that he failed to adequately supervise a registered representative at his member firm. The complaint alleges that Arena did not address multiple red flags suggesting that the registered representative was excessively trading, churning, and generally making unsuitable recommendations. Arena failed to take any meaningful measure to address the misconduct and to ensure that the representative acted in a manner that was compliant with applicable laws, regulations and rules. The complaint also alleges that Arena failed to disclose Internal Revenue Service liens on his form u4 and failed to update his form u4 to disclose liens filed by the state of New York.
On October 20, 2015, as a result of that Complaint, Arena has been suspended from associating with any FINRA firm for a period of 10 days. In addition, Marc Arena has been suspended from serving in a supervisory capacity at a FINRA firm for a period of 23 months.
Marc Arena is currently a financial advisor and registered representative of National Securities in Westbury, New York. He was also an advisor with Newport Coast Securities, Inc. from October 2008 to March 2013. He worked at branch offices in New York, New York. Prior to Newport Coast Securities, Inc., Arena worked at: Basic Investors, Inc., First Montauk Securities Corp., Harrison Securities, Inc., Mantis Securities, Inc., Gunnallen Financial, Inc., and Duke & Co, Inc.
Brokerage firms have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including AXA Advisors, LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
Have you lost money with Marc Arena, National Securities or Newport Coast Securities, Inc.?
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