Marc C. Arena— Excessive Trading and Churning of Accounts
Marc C. Arena and Five Newport Coast Registered Reps Allegedly Churned and Excessively Traded 24 Customers’ Accounts
Marc C. Arena and Five Newport Coast Registered Reps, Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo, and Donald Bartelt, from September 2008 through May 2013, allegedly excessively traded and churned 24 customers’ accounts, according to a recent Complaint from FINRA’s Department of Enforcement.
Newport Coast, LaBarbera, Levy and Costanzo have also allegedly made unsuitable recommendations involving inverse and/or leveraged exchange traded funds and products to customers who were elderly and/or retired, and who had limited investment experience, risk tolerance, income, and net worth, the Complaint notes.
Marc C. Arena Suspended for 23 Months by FINRA
Marc C. Arena allegedly failed to disclose liens when he was associated with Newport Coast and, thereafter, failed to update his Form U4 to disclose additional liens that he acquired after associating with Newport, according to said Complaint.
Finally the Complaint mentions that Newport Coast failed to properly supervise Leone, LaBarbera, Levy, Costanzo and Bartelt.
As a result of the aforementioned behavior, Marc C. Arena has been suspended by FINRA for 23 months from associating with any FINRA member firm in any principal capacity.
The Peiffer Wolf Carr & Kane Securities Lawyers Often Assist Investors
The Peiffer Wolf Carr & Kane securities lawyers assist investors who lose money as a result of unsuitable trading. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of unsuitable trading schemes are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.