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The Massachusetts Securities Division recently levied $1 million in fines against U.S. Data Mining Group (DMG) for allegedly conducting unregistered securities offerings. The Division, in its complaint, alleged that the bitcoin mining company failed to register its stock while fundraising. DMG also failed to notify investors that two of the company’s promoters had previously violated US federal securities laws during their Series A fundraising, which raised nearly $25 million in March of 2021. DMG also failed to register this offering with the state’s Securities Division, even though they raised $3.5 million from Massachusetts residents. DMG knew since at least 12/4/2020 that registrations exemptions for conducting offerings was not an option, according to the regulator. In fact, the company clearly stated this in their promissory notes issued at that time, because of the past histories of some of the promoters, according to the consent order.The Massachusetts Securities Division recently levied $1 million in fines against U.S. Data Mining Group (DMG) for allegedly conducting unregistered securities offerings. The Division, in its complaint, alleged that the bitcoin mining company failed to register its stock while fundraising. DMG also failed to notify investors that two of the company’s promoters had previously violated US federal securities laws during their Series A fundraising, which raised nearly $25 million in March of 2021. Continue reading ›

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Joseph Audia (Joseph Scott Audia CRD# 2909761) is a registered broker currently employed with VCS Venture Securities (CRD#: 127921) of Hauppauge, NY. His previous employers include Joseph Stone Capital (CRD#: 159744), First Midwest Securities, Inc. (CRD#:21786), and American Capital Partners, LLC (CRD#:119249), also of Hauppauge. He has been in the industry since 1997. FINRA recently sanctioned Audia after allegations that he failed to supervise a representative in his division while employed with Joseph Stone Capital. The representative continually churned and excessively traded in a specific customer’s account. The Acceptance, Waiver & Consent (AWC) letter detailed the allegations. During his tenure as branch manager, Joseph Audia received daily trading blotters. He failed to review these blotters, as well as failed to review and investigate instances of excessive trading by one representative. Audia also failed to enforce restrictions placed on the representative after the firm discovered the excessive trading. Two examples of this failure were detailed in the AWC:Joseph Audia (Joseph Scott Audia CRD# 2909761) is a registered broker currently employed with VCS Venture Securities (CRD#: 127921) of Hauppauge, NY. His previous employers include Joseph Stone Capital (CRD#: 159744), First Midwest Securities, Inc. (CRD#:21786), and American Capital Partners, LLC (CRD#:119249), also of Hauppauge. He has been in the industry since 1997. Continue reading ›

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David Khezri (CRD# 2736831) is a previously registered broker whose last employer was Network 1 Financial Securities Inc. (CRD#:13577) of Hauppauge, NY. His previous employers include Worden Capital Management LLC (CRD#:148366) of Melville, NY, Joseph Stone Capital L.L.C. (CRD#:159744) and Cape Securities Inc. (CRD#:7072), both of Holbrook NY. Currently, Khezri is neither registered nor associated with any FINRA member firm. Five of Khezri’s former employers have been expelled by FINRA: EKN Financial Services Inc. (CRD#:113525), Melville, NY, expelled on 10/12/2012 com Corp (CRD#:18281), Farmingville, NY, expelled on 8/19/2010 Seaboard Securities, Inc. (CRD#:755) of Florham Park, NJ, expelled on 2/11/2011 J. Meyers & Co., Inc. (CRD#:15609) of Rochester, NY, expelled on 03/01/1999 Investors Associates, Inc. (CRD#:958) of Hackensack, NJ, expelled on 05/14/1998 He has been in the industry since 1996. David Khezri has a customer dispute disclosure in his CRD dated 3/15/2021, alleging unsuitable excessive trading and churning, as well as common law fraud, breach of contract, and other misconduct. The client has requested damages of $187,000. This claim is currently pending.David Khezri (CRD# 2736831) is a previously registered broker whose last employer was Network 1 Financial Securities Inc. (CRD#:13577) of Hauppauge, NY. His previous employers include Worden Capital Management LLC (CRD#:148366) of Melville, NY, Joseph Stone Capital L.L.C. (CRD#:159744) and Cape Securities Inc. (CRD#:7072), both of Holbrook NY. Currently, Khezri is neither registered nor associated with any FINRA member firm. Continue reading ›

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Anthony Graziano (Anthony Joseph Graziano CRD# 2862096) is a broker currently registered with Joseph Stone Capital L.L.C. (CRD# 159744) of New York, NY. His previous employers include National Securities Corporation (CRD#:7569) of Westbury, NY, Brookstone Securities, Inc. (CRD#:13366, expelled by FINRA 10/9/2012) of Garden City, NY, and Salomon Whitney LLC (CRD#:145012) of Babylon Village, NY.  He has been in the industry since 1997.Anthony Graziano (Anthony Joseph Graziano CRD# 2862096) is a broker currently registered with Joseph Stone Capital L.L.C. (CRD# 159744) of New York, NY. His previous employers include National Securities Corporation (CRD#:7569) of Westbury, NY, Brookstone Securities, Inc. (CRD#:13366, expelled by FINRA 10/9/2012) of Garden City, NY, and Salomon Whitney LLC (CRD#:145012) of Babylon Village, NY. He has been in the industry since 1997. Continue reading ›

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Narith Long (CRD# 6598152) is a previously registered broker whose last known employer was NY Life Securities LLC (CRD#:5167) of Glendale, CA. He was previously employed with Northwestern Mutual Investment Services, LLC (CRD#:2881) of Long Beach, CA, where he began his career in the industry in 2018. New York Life Securities terminated Long’s employment on December 1st, 2020. The company terminated him for engaging in unauthorized securities transactions. This activity included recommending to his customers that they open brokerage accounts with a separate, non-affiliated firm. Once the clients opened these brokerage accounts, Long went in using their login information and traded securities that were held in these non-firm accounts. FINRA requested information from Long, which he failed to provide. Therefore, FINRA issued notices of Suspension and Suspension from Association letters on September 1st, 2021, and September 27, 2021. Long then failed to request termination of his suspension within three months of the. Notice of Suspension. As of December 6th, 2021, Narith Long is now permanently barred from any association with FINRA members in all capacities.Narith Long (CRD# 6598152) is a previously registered broker whose last known employer was NY Life Securities LLC (CRD#:5167) of Glendale, CA. He was previously employed with Northwestern Mutual Investment Services, LLC (CRD#:2881) of Long Beach, CA, where he began his career in the industry in 2018. Continue reading ›

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Todd Kling (Todd Franklin Kling CRD# 3034284) is a currently registered broker and investment advisor employed with Joseph Stone Capital L.L.C. (CRD#: 159744) in New York, NY. His previous employers include Royal Alliance Associates, Inc. (CRD#:23131), First Midwest Securities, Inc. (CRD#:21786), and FMSI Advisers (CRD#:21786), also of New York, NY. His first employer, First Republic Group, LLC (CRD#: 39781), was expelled by FINRA on 9/23/2009. He has been in the industry since 1999. According to a FINRA disciplinary action dated 12/17/2021, Kling was found to have excessively and unsuitably traded one customer's account. This particular client was not only a retired psychiatrist but also a senior investor. Between March 2018 and November 2019, Kling recommended that the client place a total of 115 trades in his account. The client accepted Kling’s recommendations and made the trades. The customer’s account had an average month end equity of $5,414,465, resulting in an annualized turnover rate of more than 12. The trades recommended by Kling caused this customer to pay commissions, trading costs and margin interests that totaled $153,879.00. This trading resulted in an annualized cost to equity ratio of more than 35%. For the client to break even, the customer’s account would have had to grow by more than 35% annually just to reach the “break-even point.”Todd Kling (Todd Franklin Kling CRD# 3034284) is a currently registered broker and investment advisor employed with Joseph Stone Capital L.L.C. (CRD#: 159744) in New York, NY. His previous employers include Royal Alliance Associates, Inc. (CRD#:23131), First Midwest Securities, Inc. (CRD#:21786), and FMSI Advisers (CRD#:21786), also of New York, NY. His first employer, First Republic Group, LLC (CRD#: 39781), was expelled by FINRA on 9/23/2009. He has been in the industry since 1999. Continue reading ›

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Joseph Fedorko (Joseph Michael Fedorko CRD#] 2007317) is a previously registered broker whose last known employer was Laidlaw & Company (UK) LTD. (CRD#:119037) of Greenwich, CT. His previous employers include Oppenheimer & Co. Inc. (CRD#:249) of Stamford, CT, Josephthal & Co., Inc. (CRD#:3227) and Gruntal & Co., L.L.C. (CRD#:372), both of New York, NY. He has been in the industry since 1989. Fedorko has a total of 19 disclosures dating back to 1995. However, the most recent disclosure is from FINRA, after he excessively traded in the account a married senior couple from January 1, 2014, to December 31, 2019. He exercised de facto control over the couple’s account, and the couple trusted his recommendations. During this period, Fedorko and his firm (Laidlaw) exercised more than 1,200 transactions in the customers’ account. This excess trading led to losses of approximately $1.1 million, known as “churning.” However, the trading also generated $760,000 in commissions and markups for the firm, with Fedorko receiving 25% of the commissions and markups. After the customers filed a claim, the firm reimbursed them for their losses and closed their arbitration.Joseph Fedorko (Joseph Michael Fedorko CRD#] 2007317) is a previously registered broker whose last known employer was Laidlaw & Company (UK) LTD. (CRD#:119037) of Greenwich, CT. His previous employers include Oppenheimer & Co. Inc. (CRD#:249) of Stamford, CT, Josephthal & Co., Inc. (CRD#:3227) and Gruntal & Co., L.L.C. (CRD#:372), both of New York, NY. He has been in the industry since 1989. Continue reading ›

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Wealthy Russians are attempting to get their money out of the country are spending their cash on valuable assets to bypass U.S. sanctions against the country. Following the invasion of Ukraine, The US and other countries issued multiple sanctions against Russia. Many of these are economic sanctions intended to stifle the Russian economy and pressure Russia. One of the most prominent sanctions is the freezing of trillions of dollars in Russian assets. The intent is to stop Russian elites and their family members from moving money out of Russia by way of investment purchases. Additionally, the US. imposed additional sanctions against President Putin and Russia's former minister, Sergey Lavrov. On February 26th, the Biden administration and many allies announced the removal of some Russian banks from the SWIFT financial messaging system. This stopped them from conducting international transactions. The sanctions added new restrictions on Russia's Central Bank to prevent it from using its international reserves to bypass the sanctions. Several allied countries agreed to these actions. The Central Bank has continued to stockpile foreign reserves since 2014, when Russia invaded Crimea.Wealthy Russians are attempting to get their money out of the country are spending their cash on valuable assets to bypass U.S. sanctions against the country.

Following the invasion of Ukraine, The US and other countries issued multiple sanctions against Russia. Many of these are economic sanctions intended to stifle the Russian economy and pressure Russia. Continue reading ›

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New York U.S. District Judge Laura T. Swain has ordered Marker Therapeutics to pay $2.5 million to Katalyst Securities, a brokerage that helped place their securities with their own investor-customers as a private placement in 2017. Additionally, Judge Swain also ordered Marker to pay about $120,000 in prejudgment interest. The company signed a contract with Katalyst for two private placements in 2016 and 2017, establishing a placement agency to offer these placements to the investor-customers in exchange for fees and warrants to buy shares of Marker's stock. A one-year “tail period” and additional compensation was included in the contract for Katalyst if they brought in more investors and completed financing during that period. Marker later hired two other companies in 2018 for the same type of work. Katalyst accused Marker of securing financing for investors that were introduced to Marker by Katalyst during the tail period. In a motion filed by Maker, the company claimed that Katalyst had already been paid and the tail period had expired. Katalyst also sent Marker a proposed modification to the remaining agreement to continue the tail period and include the 2018 offering. Maker declined, stating that the 2018 offering was outside of Katalyst’s one-year tail period. Therefore, Katalyst wasn’t eligible to receive to any more of the offerings. Katalyst then began the process for arbitration, according to Maker.New York U.S. District Judge Laura T. Swain has ordered Marker Therapeutics to pay $2.5 million to Katalyst Securities, a brokerage that helped place their securities with their own investor-customers as a private placement in 2017. Additionally, Judge Swain also ordered Marker to pay about $120,000 in prejudgment interest. Continue reading ›

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Mario Rivero Jr. (Mario Everildo Rivero Jr., CRD# 5856503), 38, is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Red Bank, NJ. His only prior industry employment was with Wells-Fargo Clearing Services, LLC (CRD#:19616) of Elizabeth, NJ.  He has been in the industry since 2010. After a FINRA investigation and two sets of charges, he has been arrested in two separate cases. The FINRA Investigation And Ban Rivero has only one disclosure in his FINRA record that involves a similar investigation, leading to his indefinite and permanent bar from the securities industry. Rivero was a broker and investment advisor at Wells Fargo for a total of nine years, then resigned to join LPL Financial. Wells Fargo originally filed a Form U5 termination form stating that Rivero had voluntarily resigned. However, Wells Fargo amended the Form U5 on April 22nd, 2021. After his move to LPL, Wells Fargo received complaints from two of Rivera's customers, indicating that he may have misappropriated some of their funds. Rivero remained registered with LPL until 06/04/2021. FINRA then began an investigation, which included requesting documents and information from Rivero regarding this matter. FINRA made the request on May 3rd, 2021. In a phone call on May 18th, 2021, with FINRA staff, Rivero's legal counsel acknowledged the receipt of FINRA’s requests, but declined to produce any information or documentation requested at any time. By doing so, Rivero violated several of FINRA’s rules, leading to sanctioning. This sanction included a permanent bar from associating with any FINRA member in all capacities. Rivero signed a letter of Acceptance Waiver And Consent (AWC), and the bar became final on June 4th, 2021.Mario Rivero Jr. (Mario Everildo Rivero Jr., CRD# 5856503), 38, is a former registered broker and investment advisor whose last known employer was LPL Financial LLC (CRD#:6413) of Red Bank, NJ. His only prior industry employment was with Wells-Fargo Clearing Services, LLC (CRD#:19616) of Elizabeth, NJ.  He has been in the industry since 2010.

After a FINRA investigation and two sets of charges, he has been arrested in two separate cases. Continue reading ›

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