UPDATE December 2016–Aldo Marchena discloses two customer disputes on his FINRA record.
FINRA Case 16-1918-in which a customer of Northeast Securities alleges damages of $75,000 for breach of fiduciary duty by recommending high risk investments. This case was settled in December 2016 for $30,000.
FINRA Case 15-3116-in which a customer of Northeast Securities alleges damages of $65,250 for unauthorized trading and unsuitable investments. This case was settled for $45,000 in November 2016
ORIGINAL POST -March 24, 2016-Boca Raton, FL
Aldo Nestor Marchena , a broker with Northeast Securities, entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he engaged in an outside business activity while associated with Northeast Securities without providing written notice to the firm in violation of FINRA rules.
In addition, FINRA alleged that Marchena made inaccurate statements on two annual firm questionnaires , in violation of FINRA rules.
According to FINRA records, Marchena formed ABC, a Florida LLC which offered business consulting services and used his Northeast Securities address as the official address of ABC. In early 2011, Marchena orally requested permission from the firm to refer Northeast Securities customers to ABC for business consulting purposes and for referrals from ABC for brokerage services. The firm denied the request.
According to FINRA, Marchena did not tell the firm he was continuing his involvement with ABC.
AWC No. 2014040769401
Marchena was suspended from association with any FINRA member in any capacity for five months and fined $5,000 in April 2016.
FINRA records disclose that Marchena was registered with Northeast Securities from 10/2010-4/2014. Prior to that he was employed by Kovack Securities. He is not currently registered as of July 2016.
Northeast Securities was founded in 1989 and is headquartered in Mitchelfield , NY. According to FINRA , Northeast Securities discloses 15 regulatory events and 11 customer arbitrations.
If you have losses in an account handled by Aldo Marchena, you may be able to recover damages through FINRA arbitration.
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.
Florida-561 391 1900