On March 25, 2024, New Jersey Bureau of Securities issued a cease and desist order against Carlos Antonio Garceran, of New York, New York, a stockbroker formerly associated with the defunct Whale Securities Company LP and Financial Group Corporation. Specifically, Garceran was ordered to pay $150,000.00 in civil penalties for allegedly misusing a customer’s funds and misrepresenting material facts as an investment advisor. He was also accused of defrauding an investor. IN THE MATTER OF: Carlos A. Garceran (CRD No. 2195798).
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Garceran has been referenced in three investor disputes concerning his conduct in the securities industry. A customer filed an investment related NASD securities arbitration claim on October 14, 2004, against Whale Securities Company LP, requesting $33,112.00 in damages. The customer alleged breach of contract, negligence, breach of fiduciary duty, misrepresentation, churning, and manipulation. On October 30, 2006, an arbitration panel issued an award in favor of the customer, ordering Garceran to pay $33,112.00 in damages. NASD Arbitration No. 04-07257.
In a separate dispute, a customer requested $1,668,000.00 in damages, alleging breach of contract, breach of fiduciary duty, negligence, and fraud in connection with the sale of stocks. The case was resolved through a $500,000.00 settlement on May 19, 2003. FINRA Arbitration No. 01-03024.
Another customer filed a complaint on May 8, 2000, against First Montauk Securities Corp., alleging unsuitable recommendations, excessive trading, and failure to supervise in connection with the sale of over-the-counter equity products by Garceran. The customer sought $226,332.00 in damages. On August 27, 2001, the customer was awarded $37,215.00.
