Anthony Minerva of Syosset New York a stockbroker and chief compliance officer formerly employed by J.D. Nicholas Associates Inc. has been suspended on February 13, 2017 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that he failed to pay an arbitration award to a customer according to FINRA Arbitration No. 16-01204 (Oct. 21, 2016).
Evidently, Minerva was ordered to pay the customer $12,869.00 in compensatory damages and was jointly and severally liable with J.D. Nicholas to pay an additional $16,686.00 in damages to the customer based upon Minerva being found liable on the customer’s claims of churning the customer’s account, breaching a fiduciary duty, and effecting unsuitable stock investments, including Medivation and Human Genome Sciences, Inc. stock.
FINRA Public Disclosure confirms that Minerva has been identified in four additional customer initiated investment related disputes containing accusations of Minerva’s improper conduct or sales practice violations while employed with A&F Financial Securities, Inc. and J.D. Nicholas. Specifically, a customer filed an investment related arbitration claim regarding Minerva’s conduct where the customer sought $36,334.00 in damages based upon allegations that misrepresentations had been made to the customer, transactions were effected in the customer’s account that were not suitable for the customer, and the customer had been defrauded. FINRA Arbitration No. 15-03158 (Dec. 14, 2015). The customer contended that Minerva failed to supervise a registered representative’s activities in the customer’s account, including the trading of exchange traded options and equities.
Then, a customer filed an investment related arbitration claim involving Minerva’s activities where the customer requested $125,956.33 in damages founded on accusations including breach of fiduciary duty, breach of contract, misrepresentation, negligence and failure to supervise a J.D. Nicholas registered representative’s equity trading in a customer’s account. FINRA Arbitration No. 16-00042 (Jan. 22, 2016).
Subsequently, a customer filed an investment related arbitration claim concerning Minerva’s conduct where the customer sought $419,376.46 in damages supported by allegations of the mismanagement and supervisory failures relating to the customer’s account. FINRA Arbitration No. 15-03411 (Mar. 14, 2016). Additionally, a customer filed an investment related arbitration claim regarding Minerva’s activities in which the customer requested $137,000.00 in damages based upon accusations that Minerva was liable for an A&F Financial Securities, Inc. registered representative’s unsuitable stock trading in the customer’s investment account. FINRA Arbitration No. 15-03181 (Mar. 28, 2016).
Minerva has been associated with at least two different broker dealers which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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