Erez Law is interested in speaking with investors who may have suffered losses due to investments with Arive Capital Markets broker Lon Faccini, Jr. (CRD# 2736849). He was registered with Arive Capital Markets in Coram, New York, from 2016 to 2023.
In February 2023, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and $18,770 in restitution, and sanctioned him to a six-month suspension. According to FINRA, it is alleged that he “engaged in excessive and unsuitable trading, including using margin, in customers’ accounts. The findings stated that Faccini recommended that the customers place trades in their accounts, most of which were executed using margin for one of the customers and all were executed using margin for the other customer. Both customers routinely accepted Faccini’s recommendations.”
Lon Faccini, Jr. Customer Complaints
He has been the subject of nine customer complaints between 2008 and 2022, one of which was denied, according to his CRD report. The most recent complaints are regarding:
November 2022. “Suitability, Churning.” The customer is seeking $453,406.47 in damages and the case is currently pending. The complaint was regarding common and preferred stocks. The complaint took place while he was registered with Arive Capital Markets.
September 2020. “Negligence and churning.” The customer sought $112,426 in damages and the case was settled for $36,000. The complaint was regarding common and preferred stocks. The complaint took place while he was registered with Arive Capital Markets.
August 2019. “Excessive Trading, Unsuitability, Churning.” The customer sought $307,042 in damages and the case was settled for $115,000. The complaint was regarding common and preferred stocks. The complaint took place while he was registered with Arive Capital Markets.
September 2018. “Misrepresentation and unsuitability.” The customer is seeking $106,000 in damages and the case is currently pending. The complaint was regarding common and preferred stocks, and it took place while he was registered with Cape Securities, Inc.
August 2016. “Suitability.” The customer sought $42,000 in damages adn the case was settled for $9,000. The complaint was regarding equity OTC. The complaint took place while he was registered with Arive Capital Markets.
June 2015. “Breach of fiduciary duty, common law fraud, negligence/negligent misrepresentation, omissions, breach of contract, restitution, churning, and unsuitability.” The customer is seeking $150,000 in damages and the case is currently pending. The complaint was regarding exchange traded funds (ETFs). The complaint took place while he was registered with Arive Capital Markets.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Arive Capital Markets may be liable for investment or other losses suffered by Lon Faccini, Jr.’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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