Public records published by the Financial Industry Regulatory Authority (FINRA) on January 23, 2017 indicate that former New York-based Arive Capital Markets broker Arismendy Abreu is the subject of a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Abreu (CRD# 5123420).
Arismendy Abreu has spent five years in the securities industry and was most recently registered with Arive Capital Markets in Bay Ridge, New York (2015-2016). Previous registrations include EJ Sterling in New York, New York; John Carris Investments in Hoboken, New Jersey; Laidlaw & Company in New York, New York; Clark Dodge & Company in New York, New York; John Thomas Financial in New York, New York; and Legend Securities in New York, New York. Mr. Abreu is currently not registered with any state or firm.
According to his BrokerCheck report, Arismendy Abreu has received one pending customer complaint and one unsatisfied tax lien.
In November 2015 a customer alleged Arismendy Abreu, while employed at EJ Sterling, churned investments, recommended unsuitable products, misrepresented material facts related to investments, did not comply with “basic duties and responsibilities when opening, administering and supervising his brokerage account,” and committed fraud. The customer is seeking $50,000 in damages in the pending complaint.
In 2010 the Kings County Clerk filed a tax lien totaling $2,904 against Arismendy Abreu. It remains outstanding.
Churning, or excessive trading, refers to the excessive execution of transactions in a customer account for the primary purpose of generating commissions. In churning cases, a broker does not buy, sell, or trade securities in order to advance a client’s investment goals. Instead, large volumes of transactions are made in order to increase fees and charges. Account churning generally arises in situations where a broker has the control over making investment transactions on a client’s account. Situations where this can occur usually involve discretionary or managed funds, or some margin funds. Brokers who engage in excessive trading may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has a complaint regarding Arismendy Abreu, call the attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recover lost funds. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. You may have a limited window by law to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.