{"id":10947,"date":"2023-01-30T12:41:11","date_gmt":"2023-01-30T17:41:11","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=10947"},"modified":"2023-01-30T12:41:11","modified_gmt":"2023-01-30T17:41:11","slug":"charles-malico-former-network-1-financial-securities-broker-suspended-by-finra","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/charles-malico-former-network-1-financial-securities-broker-suspended-by-finra\/","title":{"rendered":"Charles Malico, Former Network 1 Financial Securities Broker, Suspended By FINRA"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-10948 size-full\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2023\/01\/Charles-Malico.png\" alt=\"Charles Malico (Charles Vincent Malico CRD# 1507282) is a previously registered broker whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Huntington Station, NY. His previous employers include MidAmerica Financial Services, Inc. (CRD#:47351, expelled by FINRA on 5\/10\/2016), Global Arena Capital Corp (CRD#:16871, expelled by FINRA on 1\/4\/2016), B.B. Graham &amp; Company, Inc. (CRD#:41533), all of Melville, NY. He has been in the industry since 1987.  After a customer\u2019s requested for arbitration, FINRA followed up with its own review. In it, FINRA found that Malico engaged in violations of the Regulation Best Interest\u2019s Care Obligation, set forth at Exchange Act Rule 15l-1(a)(2)(ii). Also known as Reg BI, it\u2019s the standard by which brokers consider potential investments to recommend to their customers. Brokers must consider the customers\u2019 investment profile and act in the customer\u2019s best interest.  In the AWC letter, FINRA found that Malico engaged in excessive trading that would require a customer\u2019s account to recognize an increase of 158% to break even. From July 2020 through November 2021, Malico made multiple recommendations that were excessive for his investment profile. The customer paid more than $54,000 in commissions and other trading costs resulting from Malico\u2019s recommendations, losing more than $17,500. One tactic was to suggest to the customer that he sell a specific security, then re-buy it several days or weeks later. This \u201cin-and-out\u201d trading included shares for a biotechnology company.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2023\/01\/Charles-Malico.png 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2023\/01\/Charles-Malico-180x120.png 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Charles Malico (Charles Vincent Malico CRD# <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/1507282\" target=\"_blank\">1507282<\/a>) is a previously registered broker whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Huntington Station, NY. His previous employers include MidAmerica Financial Services, Inc. (CRD#:47351, expelled by FINRA on 5\/10\/2016), Global Arena Capital Corp (CRD#:16871, expelled by FINRA on 1\/4\/2016), B.B. Graham &amp; Company, Inc. (CRD#:41533), all of Melville, NY. He has been in the industry since 1987. <a href=\"https:\/\/www.silverlaw.com\/blog\/charles-malico-former-network-1-financial-securities-broker-suspended-by-finra\/#more-10947\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Charles Malico (Charles Vincent Malico CRD# 1507282) is a previously registered broker whose last known employer was Network 1 Financial Securities Inc. (CRD#:13577) of Huntington Station, NY. His previous employers include MidAmerica Financial Services, Inc. (CRD#:47351, expelled by FINRA on 5\/10\/2016), Global Arena Capital Corp (CRD#:16871, expelled by FINRA on 1\/4\/2016), B.B. Graham &amp; Company, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[580],"tags":[],"class_list":["post-10947","post","type-post","status-publish","format-standard","hentry","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Charles Malico, Former Network 1 Broker, Suspended By FINRA<\/title>\n<meta name=\"description\" content=\"Charles Malico is a previously registered broker whose last known employer was Network 1 Financial Securities Inc. of Huntington Station, NY.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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