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Nicholas James Schiano (CRD# 4429212) a financial broker with 24 years of experience, was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) following allegations of excessive trading for two senior clients. Schiano had been associated with Spartan Capital Securities, LLC in New York City for the past eight years. According to FINRA’s disclosure report, Schiano’s trading activity generated unusually high turnover rates and cost-to-equity ratios that exceeded established industry benchmarks.   Between September 2017 and March 2022, he executed 102 transactions for one client (Customer A), which resulted in significant losses while generating $45,515 in commissions.  For another client (Customer B), he executed 31 transactions from October 2017 through December 2018, producing comparable losses and $30,510 in commissions.  This level of excessive trading is defined as churning – a practice where brokers excessively buy and sell securities to generate commissions for themselves, rather than prioritizing the client’s investment interests.Nicholas James Schiano (CRD# 4429212) a financial broker with 24 years of experience, was suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA) following allegations of excessive trading for two senior clients. Schiano had been associated with Spartan Capital Securities, LLC in New York City for the past eight years. Continue reading ›

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Joseph Jemel Steward (CRD# 3241331) a financial broker with 20 years of experience, has been suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA). The suspension followed allegations that he engaged in excessive and unsuitable trading that was not in the best interest of his customer. Steward most recently worked at PHX Financial, Inc. in Richmond Hill, New York, where he was employed for three years. According to FINRA disclosures, the customer routinely relied on Steward’s advice and followed his recommendations, giving Steward de facto control over the account.  His trading activity generated a high turnover rate and a cost-to-equity ratio exceeding accepted industry thresholds.Joseph Jemel Steward (CRD# 3241331) a financial broker with 20 years of experience, has been suspended from the securities industry by the Financial Industry Regulatory Authority (FINRA). The suspension followed allegations that he engaged in excessive and unsuitable trading that was not in the best interest of his customer. Steward most recently worked at PHX Financial, Inc. in Richmond Hill, New York, where he was employed for three years. Continue reading ›

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Eduardo Leon Jr. (CRD# 2232647), a Houston based financial broker with more than 33 years of securities industry experience, has been recently suspended by the Financial Industry Regulatory Authority (FINRA). The suspension followed allegations that Leon recommended investments that were not in the best interests of his clients. He has spent 31 years at Global Financial Services LLC in Houston. Eduardo Leon Jr.’s record includes four prior customer disputes, all of which were resolved through settlements compensating clients for financial losses. In one case, he engaged in “negligent over-purchasing” of a bond, mistakenly buying more than the authorized amount. Two other disputes stemmed from defaults on bonds that occurred just 21 days after the purchases, causing client losses. The earliest complaint alleged sales practice violations, claiming $750,000 in damages, and was settled for $300,000.Eduardo Leon Jr. (CRD# 2232647), a Houston based financial broker with more than 33 years of securities industry experience, has been recently suspended by the Financial Industry Regulatory Authority (FINRA). The suspension followed allegations that Leon recommended investments that were not in the best interests of his clients. He has spent 31 years at Global Financial Services LLC in Houston. Continue reading ›

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According to FINRA Disciplinary actions for November 2025, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules:

NAME FORMER EMPLOYERS
Michael Archimede PFS Investments Inc.
Federico Cardona Stonecrest Advisors Inc.
Morgan Stanley
Jason Michael Fekete Ameritas Investment Company LLC
Lincoln Financial Securities Corporation
Seth Horowitz JP Morgan Securities LLC.
UBS Financial Services Inc.
Michael Edwin Magruder Raymond James & Associates, Inc
Merrill Lynch, Pierce Fenner & Smith Inc
Michael Frank Paesano Morgan Stanley
UBS Financial Services Inc.
Gary Michael Strange Cambridge Investment Research Inc
Princor Financial Services Corp

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According to FINRA Disciplinary actions for November 2025, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
Lauren Elizabeth Durand
Federico Gonzalez Oppenheimer & Co
Truist Investment Services
Austin Matthew Martinez TIAA-CREF Individual & Institution Services LLC
Michael Lee Young Jr. LPL Financial LLC
Commonwealth Financial Network
Angela Danee Maynard Merrill Lynch, Pierce Fenner

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According to FINRA Disciplinary actions for November 2025, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
Neil S. Cohen Merrill Lynch, Pierce Fenner & Smith Inc.
Metlife Securities Inc.
Hamish Andre Grason UBS Financial Services Inc.
Merrill Lynch, Pierce Fenner & Smith Inc.
Adrian Malcom Ince Standard New York, Inc.
ICBC Standard Securities Inc.
Marcelo Jorcin Insight Securities Inc.
Patrick Aaron Pistor Equitable Advisors, LLC
Robert Lee Remine Osaic Wealth Inc.
Securities America Inc
Jose Angel Sanchez Insight Securities Inc.
Horwitz & Associates, Inc.
Joseph Alan Seidler RBC Capital Markets, LLC
Wells Fargo Clearing Services LLC
Ida Cukier Shkurman Insight Securities Inc.
Colony Park Financial Services
Anand Anthony Sookbir JP Morgan Securities LLC
Patsy Ann Turrentine Prospera Financial Services Inc
Rodman & Renshaw Inc

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Silver Law Group is currently investigating claims on behalf of clients who may have suffered losses after investing in Point Bonita Capital. We are also investigating whether Point Bonita Capital made false or misleading statements to investors and potential investors regarding its relationship to auto parts conglomerate First Brands, LLP. Point Bonita Capital is a trade finance-focused hedge fund manager based in New York. Leucadia Asset Management, a subsidiary of Jefferies Financial Group, manages it. The fund invests in private corporate credit, specifically in short-dated receivables, which is a form of factoring where the fund purchases a company's accounts receivable. Jefferies is a 5.9% investor in the Point Bonita fund, according to a company press release. Point Bonita was a primary financier of First Brands, LLP. The fund purchased accounts receivable from First Brand’s clients, such as Walmart, O'Reilly Auto Parts, Auto Zone, and others, and payments would be directed to Point Bonita. In mid-September 2025, the payments to Point Bonita stopped. Amid reports of its off-balance-sheet financing, pledging collateral more than once, and potential liabilities as high as $50 billion, First Brands filed for Chapter 11 bankruptcy on September 28, 2025.Silver Law Group is currently investigating claims on behalf of clients who may have suffered losses after investing in Point Bonita Capital. We are also investigating whether Point Bonita Capital made false or misleading statements to investors and potential investors regarding its relationship to auto parts conglomerate First Brands, LLP. Continue reading ›

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According to FINRA Disciplinary actions for October 2025, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
William Shane Garrow BOK Financial Securities, Inc
Banc of America Investment Services, Inc
Noah Dewayne Shaw Citigroup Global Markets Inc.
Merrill Lynch, Pierce, Fenner & Smith Inc.

Continue reading ›

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