According to FINRA, Nicholas James Schiano of Staten Island, New York was fined $5,000, suspended from association with any FINRA member in all capacities for six months, and ordered to pay $55,770 plus interest in partial restitution to customers.

Schiano willfully violated Regulation Best Interest by recommending excessive trades to retail customers. The customers were seniors who relied on Schiano's advice and routinely followed his recommendations, giving him de facto control over their accounts.

Schiano's recommendations caused the customers to pay $71,025 in commissions while suffering $62,244 in realized losses. The restitution amount reflects the commissions attributable to Schiano's recommendations (with shared commissions split with another representative).

Excessive trading in senior customers' accounts is particularly concerning because seniors often have limited ability to recover from investment losses. They may be investing retirement savings that they need for living expenses and cannot replace through future earnings.

When seniors rely on a broker's advice and follow recommendations without independent judgment, they are especially vulnerable to excessive trading. The broker's control over the account creates an obligation to trade only when genuinely beneficial to the customer, not to generate commissions.

The pattern here—high commissions combined with losses—is a hallmark of churning. The customers paid the broker to lose their money.

The suspension is in effect from June 2 through December 1, 2025.

Senior investors and their families should carefully monitor account activity. High trading frequency, substantial commission charges, and poor performance relative to relevant benchmarks may indicate excessive trading. If you observe these warning signs, consider consulting with a securities attorney.