CHARLES VINCENT MALICO is currently employed as a Broker and/or Investment Adviser at NETWORK 1 FINANCIAL SECURITIES INC. located at 33 Walt Whitman Road, Suite 231, Huntingon Station, NY, 11746.
CHARLES VINCENT MALICO has worked at NETWORK 1 FINANCIAL SECURITIES INC. since June 08, 2016
Disclosure History
CHARLES VINCENT MALICO has 8 Disclosure Event(s).
Date: September 10, 2015 Category: Customer Dispute Allegations: churning, unsuitability, breach of fiduciary duties. Damage Amount Requested: $99,990.00 Broker Comment: October 13, 2015To Whom it May Concern, I Charles Malico (CRD #: 1507282) have been conducting business with [customer] since approximately January 2011. [customer] opened an account at MidAmerica Financial Services, Inc. in September 2014. At that time he opened an account as a speculative investor. [customer] signed the New Account Form to reflect speculation and active trading, along with a signed Margin Agreement. [customer] was sent updated paperwork on February 24, 2015, to confirm his Risk Tolerance and Investment Objective. Again, [customer] signed and returned the updated paperwork the same day. Thisagain confirmed that [customer] was fully aware of his Investment Objective.Prior to his account at MidAmerica, [customer] was a client of mine from approximately January 2011. From that time [customer] followed me from Global Arena Capital Corp, to Liberty Partners, to B.B. Graham & Co. back to Global Arena Capital Corp and finally to MidAmerica Financial Services, Inc.During those 4 years [customer] discussed in detail how his other portfolios were performing. He often compared me to be other brokers, continuingly telling me he had extensive experience, including option trading. He told me on many occasions that he was a sophisticated investor. [customer] stated on more than one occasion that he traded options at J.P. Turner. He questioned me as to why we did not trade options in his account at MidAmerica Financial Services, Inc. Again, this confirmed that [customer] was an experienced and active trader.[customer] started trading on Margin at MidAmerican Financial Serv. Inc. in September 2014, he was fully aware that account was held on margin as his account was held on margin at Global Arena Capital Corp. I discussed all trades with [customer] prior to execution. We spoke on a regular basis, an estimated 3 to 4 times a week, our conversations ranged from discussing trades, his overall account status to sporting events. On each trade [customer] received a confirmation, confirming his transaction. [customer] never questioned or complained about his account being on margin. [customer] signed his complaint with Finra on June 30, 2015. However, [customer] never informed me of his complaint, and during the time period from June 30 until August 28, during that time, prior to all trade executions, [customer] approved approximately 25 transactions in his account. In addition [customer] has signed 2 activity letters dated December 3rd, 2014 and February 13, 2015. On May 18th, 2015, my supervisor contacted [customer] to discuss his account. At that time [customer] did not disclose any problems or dissatisfaction with his account or Mr. Malico. All [customer's] allegations are without merit.SincerelyCharles MalicoMidAmerica Financial Services, Inc.Registered RepresentativePhone #: 631-815-5020.
Date: September 22, 2000 Category: Customer Dispute Allegations: ALLEGED UNAUTHORIZED TRADING Damage Amount Requested: $29,815.00 Broker Comment: CLIENT SENT ME A LETTER-FOR MY EYES ONLY-STATING THAT HE WAS HAVING TROUBLE KEEPING TRACK OF HIS TRADES. HE WANTED A LIST OF THEM. THERE WAS ONE TRADE HE AUTHORIZED PRIOR TO GOING ON VACATION. WHEN HE GOT BACK AND SAW THE CONFIRM HE COULD NOT REMEMEBER THE TRADE. AFTER I SPOKE WITH HIM-HE REMEMBERED AND TOLD ME TO IGNORE THE FAX. WHEN I LEFT THE FIRM I LEFT THE LETTER IN MY DESK. WITHOUT KNOWING THE CIRCUMSTANCES OF THE LETTER, THE COMPLIANCE DEPARTMENT READ UNAUTHORIZED TRADE INTO THE LETTER. IT WAS NOT A COMPLAINT. IT WAS A LETTER FROM A CLIENT TO HIS REP. HE NEVER ALLEGED UNAUTHORIZED TRADING.
Date: November 27, 1990 Category: Customer Dispute Allegations: AS 1 OF 7 RESPONDENTS NAMED IN PROCEEDING IT WAS ALLEGED THAT UNSUITABLE MISREPRESENTED RECOMMENDATIONSRESULTED IN LOSSES. Damage Amount Requested: $88,000.00 Settlement Amount: $15,000.00 Broker Comment: WITHOUT ADMITTING OR DENYING THE ALLEGATIONS MYPORTION OF THE CLAIM FOR THE AMOUNT OF $15,000.00.
Date: June 28, 1981 Category: Criminal Charges: ALLEGED ASSAULT 2ND DEGREE (NY STATUE 120.03) Charge Type: FELONY Disposition: GUILTY OF ASSAULT 3RD DEGREE (NY STATUTE 120.00)WHICH IS A MISDEMEANOR. PLACED ON PROBATION FOR 3 YEARS. Broker Comment: I WAS IN A BAR WITH A FRIEND AND HIS GIRLFRIEND. HE GOT INTO A FIGHT OVER HIS GIRLFIREND AND I STEPPED UP TO HELP.IF THERE WERE NO INJURIES TO ONE OF THE PARTICIPANTS NO CHARGES WOULD EVER HAVE BEEN FILED. I WAS CHARGED WITH A FELONY THAT WAS LATER DROPPED TO A MISDEMEANOR.
More Information
All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings and criminal or civil judicial proceedings.
A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.
To view the full report for CHARLES VINCENT MALICO, click here.
The use of BrokerCheck data is subject to the BrokerCheck Terms of Use.
×
Outdated Information
If you discover any errors or outdated information on this Website, please contact us and we will promptly correct such errors or outdated information.
If BrokerCheck® is the source of such errors or outdated information, please contact FINRA at (301) 590-6500.
×
BrokerSearch Removal
Brokersearch.info will not fully remove items from this Website without an applicable court order designating them for removal. Investors rely on the information available on this Website to decide whether to choose or retain a broker or investment adviser.
Upon written request, we may remove certain page(s) from appearing in search engine results using the robots.txt protocol.
When a person searches for your name using Google, Bing, Yahoo! and other search engines the page(s) from Brokersearch.info would not appear in the search results.
Please contact us to learn more about Search Engine Removal.