Bad Brokers

According to FINRA, Charles Joseph Riccomini (CRD #7427048), a registered representative based in Saint Marys, Kansas, was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months after it was found that he engaged in an outside busin...

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According to FINRA, Charles Joseph Riccomini (CRD #7427048), a registered representative based in Saint Marys, Kansas, was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months after it was found that he engaged in an outside business activity (OBA) without providing the required prior written notice to his member firm.

FINRA rules require that registered representatives notify their member firms in writing before engaging in any outside business activity. This requirement exists so that firms can evaluate whether the activity presents potential conflicts of interest, involves compensation from third parties that could influence the representative's conduct, or otherwise poses risks to the firm's customers. Failure to provide this notice deprives the firm of its ability to supervise the representative's activities and protect investors from potential harm.

FINRA's findings revealed that Riccomini worked as a marketing affiliate for a company owned and operated by three other registered representatives of the same firm. In this role, Riccomini referred potential customers to the company, which sold e-commerce storefront services and digital real estate. When referred customers purchased these services, Riccomini received a commission. Over the course of his involvement, Riccomini earned $45,040 in commissions for successfully referring multiple customers, including at least one customer of his member firm. Despite the substantial income and the obvious connection to other firm representatives, Riccomini failed to provide prior written notice of this activity to his firm.

The involvement of a firm customer in these referrals is particularly concerning because it creates a situation where a registered representative may be motivated by outside compensation rather than the customer's best interests. When a broker has undisclosed financial incentives, investors cannot accurately assess whether the advice they receive is truly in their best interest.

Without admitting or denying the findings, Riccomini consented to the sanctions through an AWC agreement issued on August 6, 2024. The three-month suspension was in effect from August 19, 2024, through November 18, 2024. This matter is documented under FINRA Case #2024081647102.

Investors should be aware that their brokers are required to disclose outside business activities to their firms. If an investor discovers that their broker is involved in undisclosed business activities, it may be a sign that the broker is not being fully transparent about potential conflicts of interest. Checking a broker's record on FINRA BrokerCheck can reveal disciplinary actions and help investors make more informed decisions about who they trust with their financial affairs.

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According to FINRA, Jeffrey Steven Tabak (CRD #856416), a registered representative based in New York, New York, was fined a total of $10,000 (of which $722 is payable to FINRA), suspended from association with any FINRA member in any principal capacity for six months, and required to complete 10 ho...

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According to FINRA, Jeffrey Steven Tabak (CRD #856416), a registered representative based in New York, New York, was fined a total of $10,000 (of which $722 is payable to FINRA), suspended from association with any FINRA member in any principal capacity for six months, and required to complete 10 hours of continuing education concerning supervisory responsibilities. Tabak was found in violation of FINRA rules for failing to establish, maintain, and enforce supervisory systems and procedures reasonably designed to detect market manipulation.

As his member firm's designated principal, Tabak bore primary responsibility for ensuring that the firm's supervisory infrastructure was adequate to identify and prevent potentially manipulative trading activity. FINRA's findings revealed multiple deficiencies in this area. The firm's Written Supervisory Procedures (WSPs) did not reasonably describe how to detect and prevent potentially manipulative trading. Additionally, the firm's exception reports, which are automated alerts designed to flag suspicious trading patterns, did not contain the information needed to properly assess whether customers were engaged in potentially manipulative trading activity.

Beyond these systemic failures, Tabak also failed to reasonably investigate wash trades in an account belonging to the firm's foreign affiliate. Wash trades are transactions where the same party is essentially both the buyer and seller, creating the illusion of market activity without any genuine change in ownership. These trades can be used to manipulate market prices or trading volumes and are prohibited under federal securities laws.

Without admitting or denying the findings, Tabak consented to the sanctions through an AWC agreement issued on August 6, 2024. The six-month suspension in any principal capacity was in effect from September 3, 2024, through March 2, 2025. Notably, Tabak's suspension was limited to principal capacities, reflecting the supervisory nature of the violations. This matter is documented under FINRA Case #2020067122301.

This case highlights the critical importance of robust supervisory systems at brokerage firms. Effective supervision is the first line of defense against market manipulation, which harms all market participants by distorting prices and undermining confidence in the fairness of the markets. When a firm's designated principal fails to implement adequate supervisory procedures, it creates an environment where manipulative trading can go undetected and unchecked.

For investors, this case serves as a reminder that the quality of a firm's compliance and supervision infrastructure matters. Investors should consider the regulatory history of both their individual broker and the firm with which they are associated when making decisions about where to place their investments and trust.

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According to FINRA, Steven Aibel (CRD #2692818), a registered representative based in Huntington, New York, was fined $5,000 and suspended from association with any FINRA member in all capacities for one month after it was found that he falsely certified the completion of continuing education requir...

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According to FINRA, Steven Aibel (CRD #2692818), a registered representative based in Huntington, New York, was fined $5,000 and suspended from association with any FINRA member in all capacities for one month after it was found that he falsely certified the completion of continuing education requirements for his state insurance license.

The financial services industry imposes continuing education requirements on licensed professionals for good reason. These requirements help ensure that brokers and insurance-licensed individuals stay current with evolving regulations, emerging financial products, changes in tax law, and ethical standards that are essential to serving clients effectively. State regulators rely on the good-faith certifications of licensees to confirm that these educational requirements have been met. When a professional falsely certifies completion, it undermines the entire regulatory framework designed to protect consumers.

In this case, FINRA's findings established that Aibel certified to the State of New York that he had personally completed 15 hours of continuing education required to renew his state insurance license. The investigation revealed, however, that another person had completed that continuing education on his behalf. This false certification meant that Aibel may not have possessed the updated knowledge and competencies that the coursework was designed to provide, potentially putting his clients at risk.

Without admitting or denying the findings, Aibel consented to the sanctions and to the entry of findings against him through an Acceptance, Waiver, and Consent (AWC) agreement issued on August 8, 2024. The sanctions included a $5,000 monetary fine and a one-month suspension from association with any FINRA member in all capacities. The suspension was in effect from September 3, 2024, through October 2, 2024. This matter is documented under FINRA Case #2024081387401.

Aibel's case is part of a broader enforcement effort by FINRA targeting registered representatives in New York who falsely certified the completion of continuing education requirements during the same general timeframe. The number of similar cases suggests that regulators are taking this type of misconduct seriously and devoting resources to identifying and sanctioning those involved.

Investors should take note that disciplinary actions like this one are publicly available through FINRA BrokerCheck. Before entrusting a financial professional with their hard-earned savings, investors should review the broker's disciplinary history. A willingness to misrepresent professional credentials, even in a matter that may appear administrative in nature, can be indicative of a broader disregard for rules and ethical obligations. Maintaining honesty in all professional certifications is a baseline expectation in the financial services industry, and violations of this trust warrant serious attention from both regulators and investors.

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According to FINRA, John Rosario Emanuele (CRD #1034480), a registered representative based in Smithtown, New York, was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for one month after it was found that he falsely certified the completion ...

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According to FINRA, John Rosario Emanuele (CRD #1034480), a registered representative based in Smithtown, New York, was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for one month after it was found that he falsely certified the completion of continuing education requirements for his state insurance license.

Continuing education is a cornerstone of professional licensing in the financial services industry. It ensures that practitioners maintain a current understanding of the regulatory environment, product landscape, and ethical obligations that govern their work. State insurance regulators mandate specific coursework hours that must be completed by the licensee personally as a condition of license renewal. The certification process requires the licensee to attest that they have completed the required hours, and this attestation carries significant legal and regulatory weight.

FINRA's investigation found that Emanuele certified to the State of New York that he had personally completed 15 hours of continuing education required to renew his state insurance license. However, the findings revealed that another person had completed that continuing education on his behalf. This false certification constituted a misrepresentation of his compliance with state regulatory requirements and potentially left Emanuele without the updated knowledge that the coursework was intended to provide.

Without admitting or denying the findings, Emanuele consented to the sanctions and to the entry of findings against him through an Acceptance, Waiver, and Consent (AWC) agreement issued on August 8, 2024. The sanctions included a deferred fine of $5,000 and a one-month suspension from association with any FINRA member in all capacities. The suspension was in effect from August 19, 2024, through September 18, 2024. The deferred nature of the fine indicates that FINRA considered Emanuele's financial circumstances in structuring the penalty. This matter is documented under FINRA Case #2024081403101.

This case is yet another instance in a series of FINRA enforcement actions against New York-based registered representatives who engaged in continuing education fraud. The pattern of similar violations across multiple individuals during the same period underscores the seriousness with which regulators view this type of misconduct.

For investors, cases like this one are a reminder to conduct thorough background checks on financial professionals. FINRA BrokerCheck is a free resource that allows investors to review a broker's employment history, qualifications, and any disciplinary actions. Even actions that may seem administrative in nature can reflect on a professional's integrity and should factor into an investor's decision about whom to entrust with their financial well-being.

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According to FINRA, Angel Lynn Gulizio (CRD #5311672), a registered representative based in Great River, New York, was fined $5,000 and suspended from association with any FINRA member in all capacities for one month after it was found that she falsely certified the completion of continuing educatio...

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According to FINRA, Angel Lynn Gulizio (CRD #5311672), a registered representative based in Great River, New York, was fined $5,000 and suspended from association with any FINRA member in all capacities for one month after it was found that she falsely certified the completion of continuing education requirements for her state insurance license.

The requirement that financial professionals personally complete continuing education coursework is a fundamental element of the professional licensing system. These educational mandates are designed to ensure that individuals who hold themselves out as qualified to advise the public on insurance and financial matters possess current, relevant knowledge. The certification of completion is a formal attestation to a state regulatory authority, and any falsification of that certification is taken seriously by both state regulators and self-regulatory organizations like FINRA.

In Gulizio's case, FINRA found that she certified to the State of New York that she had personally completed 15 hours of continuing education required to renew her state insurance license. The findings established that another person had, in fact, completed that continuing education on her behalf. By signing off on the certification, Gulizio made a material misrepresentation to a state regulatory body regarding her compliance with licensing requirements.

Without admitting or denying the findings, Gulizio consented to the sanctions and to the entry of findings against her through an Acceptance, Waiver, and Consent (AWC) agreement issued on August 13, 2024. She was sanctioned with a $5,000 fine and a one-month suspension from association with any FINRA member in all capacities. The suspension was in effect from September 3, 2024, through October 2, 2024. This matter is documented under FINRA Case #2024081399401.

Gulizio's enforcement action was part of a broader series of FINRA disciplinary actions targeting New York-based registered representatives who had others complete their required continuing education on their behalf. The prevalence of these cases during this enforcement period suggests that FINRA has developed effective methods for detecting this type of fraud and is committed to holding violators accountable.

Investors should understand that continuing education fraud, while it may not directly involve mishandling of client funds, is nonetheless a meaningful indicator of a financial professional's ethical standards. Professionals who are willing to take shortcuts on their own licensing requirements may be more likely to take shortcuts in other areas that affect their clients. Investors are encouraged to use FINRA BrokerCheck to research the background of any financial professional before engaging their services, paying attention to any history of disciplinary actions or regulatory sanctions.

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According to FINRA, Luis E. Nin (CRD #4372587), a registered representative based in Aliso Viejo, California, was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacities for one month, and ordered to pay deferred disgorgement of commissions in the amoun...

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According to FINRA, Luis E. Nin (CRD #4372587), a registered representative based in Aliso Viejo, California, was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacities for one month, and ordered to pay deferred disgorgement of commissions in the amount of $2,551.10 plus interest. Nin was found in violation of FINRA rules for placing unauthorized trades in a customer account after learning that the authorized party on the account had passed away.

When an account holder dies, there are specific legal and regulatory procedures that must be followed before any trades can be executed in the account. Generally, trading authority ceases upon the death of the account holder, and any subsequent activity must be authorized by the appropriate legal representative of the estate. These rules exist to protect the assets of the deceased and the interests of their heirs and beneficiaries.

FINRA's findings revealed that after Nin learned that the authorized party on a customer account had died, he placed trades that liquidated the entire account value of over $260,000 to cash. Nin confirmed the trades with a relative of the deceased individual, but that relative did not have trading authority on the account. While Nin's stated motivation was to prevent further market losses, the trades were unauthorized regardless of his intent. Nin earned $2,551.10 in commissions from these unauthorized transactions.

Compounding the violation, Nin inaccurately indicated to his member firm that he had received instructions for the trades from the customer, which was impossible given that the authorized party was deceased. This misrepresentation to his firm constituted an additional layer of dishonesty beyond the unauthorized trading itself.

Without admitting or denying the findings, Nin consented to the sanctions through an AWC agreement issued on August 14, 2024. The one-month suspension was in effect from August 19, 2024, through September 18, 2024. Both the fine and disgorgement were deferred, indicating that FINRA considered Nin's financial circumstances. This matter is documented under FINRA Case #2023078046101.

This case is instructive for investors and their families. It highlights the importance of having proper estate planning and account documentation in place, including powers of attorney and beneficiary designations. When an account holder passes away, family members should work with the brokerage firm directly and through proper legal channels rather than through individual brokers to ensure that account assets are handled appropriately and in accordance with the law.

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According to FINRA, Marc Barton (CRD #2937356), a registered representative based in Fresno, California, was fined $5,000 and suspended from association with any FINRA member in all capacities for four months after it was found that he reused customer signatures on firm documents and altered documen...

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According to FINRA, Marc Barton (CRD #2937356), a registered representative based in Fresno, California, was fined $5,000 and suspended from association with any FINRA member in all capacities for four months after it was found that he reused customer signatures on firm documents and altered documents after they had been signed by customers.

The integrity of financial documents is a cornerstone of the securities industry's regulatory framework. Brokerage firms are required to maintain accurate books and records, and the documents involved in customer account transactions, including new account applications, money transfer forms, and securities purchase documents, are fundamental components of those records. When a broker reuses signatures or alters signed documents, it undermines the reliability of the firm's records and can obscure whether transactions were properly authorized.

FINRA's findings revealed that Barton reused the signatures of 32 customers on a total of 48 documents. Of particular concern, Barton reused the signatures of seven customers on 12 documents without those customers' prior permission. The affected documents included new account applications, money transfer forms, and securities purchase documents, all of which are required books and records of the firm. Additionally, Barton altered six documents after they were signed by six different customers, further compromising the integrity of the firm's records.

While FINRA noted that all underlying transactions were authorized and no customers complained, the violations are nonetheless serious. Barton also falsely attested on annual compliance questionnaires that he had not signed or affixed another person's signature on a document, adding a layer of dishonesty to his conduct by misrepresenting his compliance to his firm.

Without admitting or denying the findings, Barton consented to the sanctions through an AWC agreement issued on August 15, 2024. The four-month suspension was in effect from September 16, 2024, through January 15, 2025. This matter is documented under FINRA Case #2022076254001.

This case illustrates why document integrity rules matter even when no direct financial harm occurs. The securities industry relies on accurate documentation to create audit trails, resolve disputes, and ensure regulatory compliance. When brokers take shortcuts with signatures and document handling, it erodes the trust that underpins the entire system. Investors should be vigilant about reviewing any documents presented for their signature and should retain copies of all signed documents for their records. If an investor suspects that their signature has been used without authorization or that documents have been altered, they should report the matter to the brokerage firm's compliance department and to FINRA.

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According to FINRA, Glenn Allen Donnell (CRD #2239397), a registered representative based in Crystal River, Florida, was assessed a deferred fine of $12,500 and suspended from association with any FINRA member in all capacities for four months. Donnell was found in violation of FINRA rules for exerc...

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According to FINRA, Glenn Allen Donnell (CRD #2239397), a registered representative based in Crystal River, Florida, was assessed a deferred fine of $12,500 and suspended from association with any FINRA member in all capacities for four months. Donnell was found in violation of FINRA rules for exercising discretion in customer accounts without proper written authorization and for causing member firms to maintain inaccurate books and records by mismarking solicited trades as unsolicited.

Discretionary trading authority allows a broker to make trades in a customer's account without obtaining the customer's prior approval for each individual transaction. While customers may verbally give a broker authority to trade at the broker's discretion, FINRA rules require that this authorization be documented in writing. This written authorization requirement protects customers by creating a clear record of the scope of authority granted and allows the firm to apply appropriate supervisory oversight to discretionary accounts.

FINRA's findings established that Donnell executed transactions in customer accounts using discretion, even though the customers had not provided the required written authorization. While some customers had given Donnell express or implied oral authority, none had completed the required written documentation. All of the trades in question involved marijuana securities, a sector that often involves heightened risk and regulatory scrutiny.

Beyond the unauthorized discretion, Donnell caused two member firms to maintain inaccurate books and records by mismarking solicited trades as unsolicited. A solicited trade is one where the broker recommends the transaction, while an unsolicited trade is initiated by the customer. The distinction is important for regulatory and supervisory purposes because solicited trades carry different compliance obligations. At one firm, Donnell untruthfully answered the firm's direct inquiries about the nature of the trades. At another firm, he deliberately marked the trades as unsolicited to circumvent the firm's trading system block on solicited over-the-counter trades, effectively bypassing a compliance control designed to protect investors.

Without admitting or denying the findings, Donnell consented to the sanctions through an AWC agreement issued on August 15, 2024. The four-month suspension was in effect from August 19, 2024, through December 18, 2024. This matter is documented under FINRA Case #2021072340501.

Investors should understand that written authorization for discretionary trading is a protection designed for their benefit. If a broker is making trades without your explicit prior approval for each transaction, you should ensure that proper written authorization is in place. Investors should also review their trade confirmations to verify that the solicitation codes accurately reflect whether they or their broker initiated each trade.

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According to FINRA, Salvatore Rosario Tringali (CRD #5141716), based in Islip Terrace, New York, was fined $5,000 and suspended from association with any FINRA member in all capacities for one month. The suspension was in effect from September 16, 2024, through October 15, 2024.

Without admitting o...

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According to FINRA, Salvatore Rosario Tringali (CRD #5141716), based in Islip Terrace, New York, was fined $5,000 and suspended from association with any FINRA member in all capacities for one month. The suspension was in effect from September 16, 2024, through October 15, 2024.

Without admitting or denying the findings, Tringali consented to the sanctions and to the entry of findings that he certified to the State of New York that he had personally completed 15 hours of continuing education required to renew his state insurance license when, in fact, another person had completed that continuing education on his behalf. This type of misrepresentation is a clear violation of the ethical obligations that FINRA-registered individuals are expected to uphold.

Continuing education requirements exist for an important reason in the financial services industry. They ensure that licensed professionals remain current with evolving regulations, products, and best practices that directly affect consumers. When a broker or financial professional falsely certifies that they have completed required training, they are not only committing a dishonest act but also potentially putting their clients at risk by failing to maintain the knowledge base necessary to properly serve them.

This case is part of a broader pattern of FINRA enforcement actions targeting individuals who have had others complete continuing education coursework on their behalf. FINRA treats these matters seriously because honesty and integrity are foundational principles in the securities industry. A professional who is willing to be dishonest about something as fundamental as their own qualifications raises legitimate questions about what other corners they might be willing to cut.

For investors, this case highlights the importance of verifying the credentials and disciplinary history of any financial professional with whom they work. FINRA's BrokerCheck tool is a free resource that allows the public to research the background and qualifications of brokers and brokerage firms. Investors should periodically review their broker's record, paying close attention to any disciplinary actions, customer complaints, or regulatory sanctions.

The relatively modest fine of $5,000 and one-month suspension reflect the nature of the violation, but the lasting reputational impact of a FINRA disciplinary action can be far more significant. This matter is documented permanently on Tringali's regulatory record and serves as a cautionary example for all financial professionals about the consequences of misrepresenting compliance with continuing education requirements.

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According to FINRA, Andrew Robert Hutcheson (CRD #2539627), based in Los Angeles, California, was fined $5,000 and suspended from association with any FINRA member in all capacities for 30 days. The suspension was in effect from September 16, 2024, through October 15, 2024.

Without admitting or den...

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According to FINRA, Andrew Robert Hutcheson (CRD #2539627), based in Los Angeles, California, was fined $5,000 and suspended from association with any FINRA member in all capacities for 30 days. The suspension was in effect from September 16, 2024, through October 15, 2024.

Without admitting or denying the findings, Hutcheson consented to the sanctions and to the entry of findings that he engaged in an outside business activity (OBA) without providing prior written notice to or receiving approval from his member firm. Specifically, Hutcheson signed an independent contractor agreement with a company to assist with business plan development, negotiate partnerships, and introduce potential investors. Three of Hutcheson's customers from the firm invested in the company, and Hutcheson received $13,500 from the company for his services. Hutcheson also failed to disclose his involvement on his compliance questionnaire.

FINRA's rules regarding outside business activities exist for critical investor protection reasons. When a broker engages in business activities outside of their firm without disclosure, the firm loses its ability to supervise those activities and evaluate potential conflicts of interest. In this case, the concern is amplified by the fact that Hutcheson was introducing his own brokerage customers to an outside company in which he had a financial interest. This creates a significant conflict of interest that customers have a right to know about before making investment decisions.

The requirement to disclose outside business activities is found in FINRA Rule 3270, which mandates that registered persons provide prior written notice to their member firm before engaging in any business activity outside the scope of their relationship with the firm. This rule allows firms to evaluate whether the activity could interfere with the representative's responsibilities, create conflicts of interest, or otherwise compromise investor protection.

Investors should be aware that when a broker recommends an investment or introduces them to a business opportunity, the broker may have undisclosed financial incentives. This case underscores the importance of asking questions about any potential conflicts of interest and understanding the full context of investment recommendations. Investors should inquire whether their broker has any financial relationship with companies they recommend and should verify disclosures through FINRA's BrokerCheck system.

This enforcement action demonstrates that FINRA takes undisclosed outside business activities seriously, particularly when they involve directing firm customers to outside investments. Financial professionals must be transparent about all of their business relationships to maintain the trust that is essential to the advisor-client relationship.

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