MARC ANTHONY ARENA is currently employed as a Broker and/or Investment Adviser at SPARTAN CAPITAL SECURITIES, LLC located at 595 STEWART AVENUE, 8TH FLOOR, GARDEN CITY, NY, 11530.
MARC ANTHONY ARENA has worked at SPARTAN CAPITAL SECURITIES, LLC since April 13, 2017
Disclosure History
MARC ANTHONY ARENA has 6 Disclosure Event(s).
Date: June 27, 2016 Category: Customer Dispute Allegations: SUITABLITY, BREACH OF FIDUCIARY DUTY,NEGLIGENCE,BREACH OF CONTRACT Damage Amount Requested: $2,000,000.00 Broker Comment: REPRESENTATIVE DENIES ALL ALLEGATIONS,AND INTENDS TO VIGOROUSLY DEFEND AGAINST THE ALLEGATIONS.
Date: July 28, 2014 Category: Regulatory Initiated By: FINRA Allegations: ARENA WAS NAMED A RESPONDENT IN A FINRA COMPLAINT ALLEGING THAT HE FAILED TO ADEQUATELY SUPERVISE A REGISTERED REPRESENTATIVE AT HIS MEMBER FIRM. THE COMPLAINT ALLEGES THAT ARENA DID NOT ADDRESS MULTIPLE RED FLAGS SUGGESTING THAT THE REGISTERED REPRESENTATIVE WAS EXCESSIVELY TRADING, CHURNING, AND GENERALLY MAKING UNSUITABLE RECOMMENDATIONS. ARENA FAILED TO TAKE ANY MEANINGFUL MEASURE TO ADDRESS THE MISCONDUCT AND TO ENSURE THAT THE REPRESENTATIVE ACTED IN A MANNER THAT WAS COMPLIANT WITH APPLICABLE LAWS, REGULATIONS AND RULES. THE COMPLAINT ALSO ALLEGES THAT ARENA FAILED TO DISCLOSE INTERNAL REVENUE SERVICE LIENS ON HIS FORM U4 AND FAILED TO UPDATE HIS FORM U4 TO DISCLOSE LIENS FILED BY THE STATE OF NEW YORK. Resolution: Decision & Order of Offer of Settlement SanctionDetails: Sanctions: Suspension SanctionDetails:Registration Capacities Affected: Principal capacity Duration: 23 months Start Date: 11/16/2015 End Date: 10/15/2017 Registration Capacities Affected: Any capacity Duration: 10 business days Start Date: 11/16/2015 End Date: 11/30/2015 Regulator Statement: Without admitting or denying the allegations, Arena consented to the sanctions and to the entry of findings that that he failed to adequately supervise a registered representative at his member firm who allegedly excessively trading customers' accounts and churning in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, FINRA Rule 2020, and NASD Rule 2120. The findings stated that Arena did not address multiple red flags suggesting that the registered representative was excessively trading customers' accounts and churning. Arena failed to take any meaningful measure to address the misconduct and to ensure that the representative acted in a manner that was compliant with applicable laws, regulations and rules. The findings also stated that Arena failed to disclose Internal Revenue Service liens on his Form U4 and failed to update his Form U4 to disclose liens filed by the State of New York.
Date: September 16, 2013 Category: Customer Dispute Allegations: EXCESSIVE AND UNAUTHORIZED TRADING,SUITABILITY, OMMISSIONS, MISREPRESENTATION,BREACH OF CONTRACT,BREACH OF FIDUCIARY DUTY,AND NEGLIEGENCE Damage Amount Requested: $515,000.00 Settlement Amount: $110,000.00 Broker Comment: REGISTERED REPRESENTATIVE DENIED ALL CLAIMS AND ASSERTED NUMEROUS AFFIRMATIVE DEFENSES. TO AVOID FURTHER EXPENSE, COST AND TIME TO LITIGATE THE ARBITRATION, THE MATTER WAS MEDIATED TO A FULL AND FINAL SETTLEMENT OF ALL DISPUTES ARISING OUT OF THE ARBITRATION. REGISTERED REPRESENTATIVE'S CONTRIBUTION WAS TO PAY LEGAL COSTS ASSOCIATED WITH THE MATTER.
Date: May 10, 2013 Category: Customer Dispute Allegations: CHURNING, MISREPRESENTATION, BREACH OF FIDUCIARY DUTY. Damage Amount Requested: $77,000.00 Settlement Amount: $9,999.00 Broker Comment: SUBSEQUENTLY ADDED TO AN AMENDED STATEMENT OF CLAIM BECAUSE I WAS THE SUPERVISOR AT THE TIME. THE ALLEGATIONS ARE ABSOLUTELY BASELESS AND WITHOUT MERIT. I HAVE RETAINED COUNSEL INDEPENDENTLY AT SUBSTANTIAL ADDITIONAL EXPENSE TO SEEK EXPUNGEMENT OF THIS MATTER FROM MY RECORD.
Date: March 14, 2010 Category: Financial Type: Compromise Disposition: Satisfied/Released
More Information
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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.
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