Broker Complaints: Global Arena Capital Corp. (CRD# 16871)

Global Arena Capital Corp. has a history of customer and regulatory complaints. Global Arena Capital Corp. is a licensed broker-dealer registered with FINRA, or the Financial Industry Regulatory Authority. Global Arena has been a FINRA member since 1986 and it was formerly known as Equities Trading Corp.

Complaints against Global Arena are governed by FINRA, or the Financial Industry Regulatory Authority. As a FINRA member firm, Global Arena is obligated to arbitrate any customer complaints before FINRA. Our law firm exclusively handles FINRA arbitrations on behalf of investors. We are investigating complaints against Global Arena and are interested in hearing from you regarding your losses at the firm.

In 2013, Fitapelli Kurta filed two complaints against Global Arena Capital Corp. on behalf of two customers. Both complaints allege that Global Arena failed to supervise its brokers who churned customer accounts and recommended unsuitable securities. In one case, our client was an elderly retiree who lost a majority of their retirement savings. Churning involves the buying and seller of securities at a high rate for the sole purpose of generating commissions for a broker or brokerage firm. Customers who are the victims of churning may have a difficult time ascertaining that their accounts have been churned because commissions can sometimes be disguised as other fees.

On July 31, 2013, FINRA fined Global Arena Capital Corp. for complaints related to various violations of FINRA and Securities and Exchange Commission rules and regulations. This complaint involved activity from 2008-2009 and arose during a routine FINRA examination, which revealed that Global Arena was in violation of various guidelines. These violations included Global Arena’s failure to implement adequate supervisory procedures. FINRA fined Global Arena $30,000 for its violation of these rules.

On May 1, 2014, a FINRA arbitration panel entered an award against Global Arena Capital Corp. for $992,000 for, among other things, fraud and unjust enrichment. In the case, Global Arena also asserted a counter-claim, but those claims were dismissed.

If you or someone you know lost money with Global Arena Capital contact the securities and investment fraud law firm Fitapelli Kurta today for a free evaluation of your complaint. The firm prosecutes its claims on a contingency basis, which means that if it does not recover any money on your behalf you owe nothing. Do not delay.