Carl George Antaki of Syosset New York a stockbroker formerly registered with First Standard Financial Company LLC has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he made unsuitable investment recommendations in a customer’s account. Letter of Acceptance Waiver and Consent No. 2019063601401 (May 20, 2021).
According to the AWC, from August of 2017 to June of 2019, when Antaki was associated with First Standard Financial Company, he made unsuitable and excessive trades in a customer’s account. The AWC stated that trades executed in this customer’s account resulted in an annual turnover rate exceeding eight and an annual cost-to-equity ratio exceeding 30 percent. The customer had been charged $22,865.00 in trading costs and commissions. Antaki’s recommendations were unsuitable given the customer’s investment profile. The stockbroker violated FINRA Rules 2010 and 2111.
Antaki has been identified in six customer initiated investment related disputes containing accusations of his misbehavior during the period that he was registered with securities broker dealers including Weatherly Securities Corporation, First Standard Financial Company, Empire Financial Group Inc. and Rockwell Global Capital LLC. FINRA Public Disclosure confirms that a customer who brought an investment related FINRA securities arbitration claim was awarded $20,000.00 in compensatory damages based on Antaki being found liable on the customer’s claims including negligence and the violation of state and federal securities laws. The claim alleges that unauthorized trades were effected in the customer’s account. According to the claim, Antaki breached a fiduciary duty in reference to investments in Qlogic, 12 Technologies and Cisco Systems.
Antaki is referenced in another customer initiated investment related written complaint where the customer requested $82,000.00 in damages founded on allegations that their instructions had been disregarded by Antaki in regard to over-the-counter equities transactions at Empire Financial Group. On May 11, 2017, a customer initiated investment related FINRA securities arbitration claim resulted in the customer receiving $56,500.00 in compensatory damages based upon accusations of failure to supervise, negligence and fraud. FINRA Arbitration No. 15-01681. According to the claim, Antaki breached a fiduciary duty and breached a contract relating to securities transactions.
On November 3, 2017, an additional customer initiated investment related FINRA securities arbitration claim involving Antaki’s activities was resolved for $8,750.00 in damages supported by allegations including that the customer’s account was churned by the stockbroker and that misrepresentations had been made in regard to the customer’s over-the-counter equities transactions at Rockwell Global Capital. FINRA Arbitration No. 17-02508. The claim also alleges fraud and commission abuse by the stockbroker.
Antaki is also the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer sought $278,633.00 in damages founded on accusations that Antaki executed unauthorized trades in the customer’s account and had utilized margin without permission. The claim alleges a breach of contract and breach of fiduciary by the stockbroker when he was associated with First Standard Financial Company. FINRA Arbitration No. 20-04098 (Jan. 15, 2021).
Antaki was registered with Rockwell Global Capital between April 15, 2008 and November 30, 2015. He was registered with First Standard Financial Company between November 2, 2015 and September 24, 2019. Since then, the stockbroker has been associated with Network 1 Financial Securities Inc.
