August 2016- Fort Salanga, New York
The FINRA records of Francine A. Lanaia, a stock broker who is currently employed by Meyers Associates disclose a currently pending regulatory event, two prior regulatory events, a currently pending customer dispute, 4 prior customer disputes and a currently outstanding judgment/lien.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
August 2, 2016, Montana Commissioner of Securities and Insurance (CSI) filed a complaint (CSI Case Number SEC-2016-106) naming Francine Lanaia of Fort Salanga, NY and others, including:
- Alexander Capital, L.P., her former employing firm
- Joseph Connolly-Staten Island, NY
- William Gennity-Staten Island, NY
- Barry Eisenberg-Allentown, PA
The Montana CSI complaint alleges that Montana resident Charles Gravely opened an account with Alexander Capital in April 2013 with about $318,000. During the next 16 months, over 213 trades were made in the account by Alexander Capital brokers William Gennity and Joseph Connolly, resulting in losses of over $200,000 while more than $289,000 in commissions were charged. Lanaia was the supervisor for Gennity and Connolly, according to the Montana CSI.
The Montana CSI complaint alleges that Lanaia failed to supervise Gennity and Connolly when they conducted unauthorized trading, made unsuitable recommendations, charged excessive fees, traded on margin against customer’s instructions and used discretion without authorization.
Lanaia discloses currently pending FINRA Case 13-03605, a customer of Alexander Capital alleges damages of $757,287 for unsuitablity, fraudulent unauthorized trades, violations of FINRA rules, failure to supervise, churning and excessive trading.
Lanaia has been registered with Meyers Associates since 10/2015. She was registered with Alexander Capital from 4/2008-12/2013, and prior to that with Trident Partners.
If you have losses in an account at Alexander Capital, call to discuss your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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