Published on:

Broker, Marc Arena, Suspended for Churning

shutterstock_45011008The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding New York-based National Securities broker Marc Arena (CRD# 2754309).

Marc Arena has spent nineteen years in the securities industry and has been registered with National Securities Corporation in Westbury, New York since 2013. Previous registrations include Newport Coast Securities in Westbury, New York (2008-2013); Basic Investors in Melville, New York (2006-2008); First Montauk Securities in Hauppage, New York (2003-2006); Harrison Securities in Port Washington, New York (2002-2003); Mantis Securities in Levittown, New York (2000-2002); Gunnallen Financial in Tampa, Florida (1998-2000); and Duke & Company in New York, New York (1996-1998). One of Mr. Arena’s former employers, Harrison Securities, has since been expelled by the Financial Industry Regulatory Authority (FINRA). He is a registered broker with 27 US states.

According to his BrokerCheck report, Marc Arena is the subject of one regulatory sanction, two customer complaints, and two judgments or liens.

In 2014 FINRA sanctioned Marc Arena, while he was employed at Newport Coast Securities, following allegations he failed to supervise a registered representative and detect red flags suggesting excessive trades, account churning, and unsuitable investment recommendations. FINRA’s complaint additionally alleged Mr. Arena failed to disclose certain tax liens. Mr. Arena was suspended from acting in any capacity for ten business days and any principal capacity for 23 months.

In 2013 a customer alleged Marc Arena, while employed at Newport Coast Securities, executed excessive and unauthorized trades, made unsuitable investment recommendations, misrepresented and omitted material facts, breached contract, breached his fiduciary duty, and acted negligently. The complaint settled in 2014 for $110,000.

In 2013 a customer alleged Marc Arena, while employed at Newport Coast Securities, churned the account, misrepresented material facts, and breached his fiduciary duty. The complaint settled for $9,999.

In 2008 the Internal Revenue Service (IRS) reported a tax lien totaling $31,519 against Marc Arena. The lien remains outstanding.

In 2007 the IRS reported a tax lien totaling $27,479 against Marc Arena. The lien remains outstanding.

If you have lost money investing with Marc Arena or Newport Coast Securities, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 without delay. You may be entitled to recoup your losses. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.