CHARLES DUAINE ARBEITER is currently employed as a Broker and/or Investment Adviser at FSC SECURITIES CORPORATION located at 1107 MOUNT RUSHMORE ROAD, SUITE 1, RAPID CITY, SD, 57701.
CHARLES DUAINE ARBEITER has worked at FSC SECURITIES CORPORATION since February 11, 2011
Disclosure History
CHARLES DUAINE ARBEITER has 4 Disclosure Event(s).
Date: June 22, 2007 Category: Regulatory Initiated By: SOUTH DAKOTA Allegations: THE SOUTH DAKOTA DIVISION OF SECURITIES AGREED TO REGISTER MR. ARBEITER AS AN AGENT IN THIS STATE PURSUANT TO SEVERAL RESTRICTIONS. Resolution: Other Sanctions: RESTRICTION ON REGISTRATION. Sanction Details: THE SOUTH DAKOTA DIVISION OF SECURITIES AGREED TO REGISTER MR. ARBEITER AS AN AGENT IN SOUTH DAKOTA PURSUANT TO THE FOLLOWING CONDITIONS: 1) MR. ARBEITER SHALL BE SUPERVISED ON A HEIGHTENED BASIS; 2) MR. ARBEITER SHALL AT NO TIME HAVE ANY SUPERVISORY DUTIES OR RESPONSIBILITIES; 3) MR. ARBEITER SHALL NOT BE PERMITTED TO TRAIN OTHER AGENTS, NOR PARTAKE IN ANY TRAINING SEMINARS IN ANY CAPACITY OTHER THAN AS A PARTICIPANT; 4) ON A QUARTERLY BASIS FOR THREE YEARS, MR. ARBEITER SHALL PROVIDE THE DIVISION WITH COPIES OF ALL NEW ACCOUNT FORMS; 5) ON A QUARTERLY BASIS FOR THREE YEARS, MR. ARBEITER SHALL PROVIDE THE DIVISION WITH RELEVANT DOCUMENTATION FOR ALL VARIABLE ANNUITIES THAT HE SELLS TO NEW CUSTOMERS; 6) ON A QUARTERLY BASIS FOR THREE YEARS, MR. ARBEITER SHALL PROVIDE THE DIVISION WITH COPIES OF REPLACEMENT/SWITCH DOCUMENTS FOR ALL CUSTOMERS WHOM HE PLACES IN A VARIABLE ANNUITY; 7) IF MR. ARBEITER BECOMES THE SUBJECT OF A WRITTEN OR ORAL CUSTOMER COMPLAINT REGARDING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS, HIS BROKER-DEALER OF RECORD SHALL NOTIFY THE DIRECTOR, IN WRITING, WITHIN TEN (10) BUSINESS DAYS FROM RECEIPT OF SUCH COMPLAINT; 8) IF MR. ARBEITER BECOMES THE SUBJECT OF ANY REGULATORY INVESTIGATION, INTERNAL INVESTIGATION, ARBITRATION PROCEEDING, OR SECURITIES-RELATED LITIGATION CONCERNING ALLEGATIONS ARISING FROM HIS CONDUCT OF SECURITIES BUSINESS, HIS BROKER-DEALER OF RECORD SHALL NOTIFY THE DIRECTOR, IN WRITING, WITHIN TEN (10) BUSINESS DAYS OF THE INVESTIGATION, PROCEEDING, OR LITIGATION; 9) IF MR. ARBEITER IS TERMINATED FROM HIS EMPLOYMENT, HIS BROKER-DEALER OF RECORD SHLALL NOTIFY THE DIVISION WITHIN FIVE (5) BUSINESS DAYS; 10) IN THREE YEARS, MR. ARBEITER SHALL SUBMIT AN AFFIDAVIT OT THE DIVISION INDICATING THAT HE HAS COMPLIED WITH THE ABOVE STATED CONDITIONS. Broker Comment: IN 2004, AN ADVISOR UNDER CHARLES ARBEITER'S SUPERVISION IN FIRST WESTERN BANK COMMITTED FRAUD AND WAS TERMINATED. CHARLES WAS THE SUPERVISOR AND DELEGATED ALL OSJ SUPERVISION RESPONSIBILITIES TO ANOTHER REP.
Date: April 16, 2007 Category: Employment Separation After Allegations Firm Name: FINANCIAL NETWORK Termination Type: Discharged Allegations: PERSISTANT DOCUMENTATION PROBLEMS WITH CUSTOMER TRANSACTIONS Broker Comment: SINCE 2005, I HAVE HAD NO OSJ DUTIES OVER ANY FNIC ADVISORS. DOCUMETATION PROBLEMS REFERENCED BY FNIC WERE FROM OTHER ADVISORS. FROM 2005 FORWARD, MY OSJ SUPERVISION WAS UNDER FNIC'S HOME OFFICE. FNIC WAS NON-RESPONSIVE ON COMPLIANCE ISSUES.
Date: April 02, 1999 Category: Customer Dispute Allegations: [CUSTOMER] ALLEGING BREACH OF FIDUCIARY DUTY, FRAUD, UNFAIR TRADE PRACTICE AND NEGLIGENCE BECAUSE OF ANINSURANCE POLICY SOLD TO HER BY CHARLES D. ARBEITER, A FORMER REGISTERED REPRESENTATIVE WITH IDS LIFE INS. COMPANY. [CUSTOMER] SEEKS UNSPECIFIED AMOUNT IN ACTUAL AND PUNITIVE DAMAGES. Damage Amount Requested: $115,000.00 Settlement Amount: $115,000.00 Broker Comment: PENDING
Date: September 16, 1994 Category: Customer Dispute Allegations: THIS WAS A CHARITABLE REMAINDER TRUSTADMINISTERED BY THE [CUSTOMER] WHO CLAIMED THEINVESTMENTS PURCHASED WERE UNSUITABLE BASED ON THE INVESTMENTGUIDELINES OUTLINED IN THE TRUST AGREEMENT. THE AMOUNT OFALLEGED DAMAGES WAS A LOSS OF $10,000 OF ORIGINAL $100,000INVESTED. Damage Amount Requested: $10,000.00 Settlement Amount: $21,364.56 Broker Comment: THE INDIVIDUAL SETTING UP THE TRUST WANTEDSPECIFIC INVESTMENTS IN THE TRUST THE INVESTMENTS AND TRUSTGUIDELINES WERE NOT PROPERLY REVIEWED TO DETERMINE THESUITABILITY OF THE INVESTMENTS. A CHECK FOR $21,364.56REPRESENTING THE LOST PRINCIPAL PLUS INTEREST WAS ALSO PAID TO THE [CUSTOMER]. ALL COMMISIONS WERE REVERSED AND THE AGENT WAS ASSESSED $2000 OF THE COST.THE CORPORATE OFFICE WAS ALSO RESPONSIBLE IN THATPROCEDURES WEREN'T FOLLOWED WHICH WOULD HAVE REQUIRED THEM TO OBTAIN A COE_O PY OF THE TRUST AGREEMENT WHICH INCLUDED THE SUITE LINES THAT SHOULD HAVE BEEN USED TO DETERMINE THE SUITABILITY OF THE INVESTMENTS.
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