Dan Brown (CRD#: 3184347) is a previously registered broker whose last employer was Joseph Stone Capital L.L.C. (CRD#:159744) of Center Moriches, NY. His previous employers include First Standard Financial Company LLC (CRD#:168340), Legend Securities, Inc. (CRD#:44952, expelled by FINRA on 4/17/2017) and Tryco Securities, Inc. (CRD#:104025), all of Miller Place, NY. Three of his former employers have been expelled by FINRA. He has been in the business since 1999.
FINRA suspended Brown on 1/31/2019 after he failed to comply with an arbitration award and settlement agreement stemming from a customer dispute. This dispute, filed on 4/27/2017, alleges that Brown offered investments unsuitable for a senior investor, as well as misrepresentation. The client requested damages of $386,167.56, and was awarded $375,000. Along with Legend Securities and one other broker, Brown was ordered to pay the client the award, plus $700,000 in punitive damages and an additional $25,000 in compensatory damages, all with legal interest. Brown stated that he would be declaring bankruptcy, and the other brokers involved in the case already have.
A previous customer dispute filed on 5/22/2006 alleged that Brown conducted unauthorized trades. The firm settled and closed the dispute for $3,819.00 without input from Brown.
On 10/25/2004, a customer filed a dispute due to being “unhappy” with his account’s performance, and requested $66,000 in damages. The firm settled for that amount without input from Brown.
On 9/16/2002, another customer filed a dispute alleging “unauthorized margin trading and unsuitable investments,” requesting damages of $450,000. Brown’s rebuttal explains that the client himself traded on margin and began selling during a market downturn. He denies the allegations. The claim was settled for $150,000.
Four of Brown’s disclosures are civil judgments totaling $22,654, made between 2007 and 2010.
Did You Invest With Dan Brown Or First Standard Financial Company LLC?
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