10.0David P Neuman
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WARNING: Advisor Donatas Vildzius SUSPENDED – Danbury, CT

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12
Oct

WARNING: Advisor Donatas Vildzius SUSPENDED – Danbury, CT

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WARNING:  Advisor Donatas Vildzius SUSPENDED – Danbury, CT

Donatas Vildzius, Formerly with Network 1 Financial Securities, Suspended by FINRA

Have you lost money with financial advisor Donatas B. Vildzius from Danbury, Connecticut?  We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Donatas Vildzius. FINRA filed a complaint against Vildzius regarding allegations while he was affiliated with Network 1 Financial Securities.  FINRA suspended Vildzius for 6 months and fined $5,000.

Vildzius was being investigated regarding allegations that he engaged in unsuitable and excessive trading (churning) in two customers’ accounts.  FINRA alleged that two of Vildzius’s customers had accounts with a cost-to-equity ratios of 41% and 50% while at Network 1 Financial Securities.  To put this in perspective, if an account had a cost equity ratio of 50%, that means the trading in the account would have to make a 50% profit annually just to break even from the costs of trading.

Donatas Vildzius was a registered representative and financial advisor with Network 1 Financial Securities from March 2015 to May 2019.  He worked out of a branch office in Danbury, Connecticut.  Vildzius has also been the subject of four customer complaints and four other regulatory actions.

Broker-dealers like Network 1 Financial Securities have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives.  Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations.  When broker-dealers 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; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Connecticut.  Our attorneys have represented over one thousand investors against many brokerage firms in the past.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
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