Philip A. Dina, of Woodbury, New York, a stockbroker formerly registered with Obsidian Financial Group, LLC, has been named in a customer initiated investment related arbitration claim on April 24, 2017, where the customer requested $50,000.00 in damages based upon allegations that he failed to supervise one of the firm’s registered representatives who placed faulty equity transactions in the customer’s account.
This is not the first time that Dina has been accused of supervisory failures by investors. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that between September 7, 2016, and October 24, 2016, five more customer initiated investment related disputes concerning Dina’s wrongdoing were pursued, wherein customers collectively sought $1,101,695.00 in damages based upon allegations against Dina of his failure to supervise transactions effected in customers’ accounts.
Further, on June 21, 2016, a customer filed an investment related arbitration claim regarding Dina’s conduct, in which the customer requested $109,655.00 in damages based upon allegations that Dina’s supervisory failures led to excessive over-the-counter equities and options transactions having been effected in the customer’s account. On January 9, 2017, another customer was awarded $27,574.00 in damages according to an investment related arbitration claim involving Dina’s activities, based upon allegations that he did not adequately manage registered representatives who ultimately breached fiduciary obligations to the customer and effected over-the-counter equities transactions in the customer’s investment account that were unsuitable.
Moreover, FINRA Public Disclosure reveals that Dina has been twice sanctioned by regulators for misconduct. Specifically, he was censured and fined $5,000.00 by National Association of Securities Dealers (NASD) based upon consenting to findings that while associated with Dina Securities, Inc., Dina failed to supervise the firm’s operations. Case No. C10000084 (May 26, 2000). Dina’s conduct was found by NASD to be violative of Rules 3010(a) and 2110.
Dina has been registered with Network 1 Financial Securities Inc. since January 4, 2013. In sum, he has been associated with twelve different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
Guiliano Law Group
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