September 15, 2015- Washington, D.C.
In a news release the Financial Industry Regulatory Authority (FINRA) announced finding numerous securities violations, including making misleading sales pitches and account churning at the brokerage firm Global Arena Capital Corp. Ten brokers were barred or will soon be barred from the securities industry as a result of the FINRA investigation .
Seven of the ten individuals had moved to Global Arena Capital from HFP Capital Markets, a firm that had lots of problems and was expelled from the industry by FINRA. According to FINRA the business model for both firms was targeting senior citizens who were cold called and encouraged to open accounts and make trades.
Those permanently barred are:
- David Awad, a.k.a. “David Bennett”
- James Torres
- Peter Snetzko
- Alex Wildermuth
- Michael Tannen
- Barbara Desiderio, former president of Global Arena Capital
Kevin Hagan and Richard Bohack were barred in a principal capacity.
Niaz Elmazi, a.k.a. Nick Morrisey and Andrew Marzed were sanctioned for failing to cooperate with the FINRA investigation.
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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