Daniel Joseph Arcuri Jr. of Greensburg Pennsylvania a stockbroker formerly registered with Thrivent Investment Management Inc. has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that he neglected to provide recorded testimony to FINRA personnel for its investigation into allegations that (1) Arcuri misappropriated a customer’s funds and (2) Arcuri engaged in outside business activities that were not disclosed to the firm. Department of Enforcement v. Daniel J. Arcuri Jr. Disciplinary Proceeding No. 2017056688202 (Oct. 22, 2019).
According to the Complaint, Arcuri was investigated by FINRA based upon information that Thrivent Investment Management Inc. disclosed in regard to his termination. Allegedly, a Form U5 had been provided by Thrivent to FINRA which indicated that Arcuri was under investigation by the securities broker dealer at the time of his termination for potentially misusing funds belonging to a deceased customer’s estate, and for Arcuri engaging in undisclosed outside business activities including being the executor for the client’s estate.
The Complaint stated that Arcuri was instructed by FINRA to turn over information and documentation by a deadline of February 2, 2018 concerning the accusations set forth by Thrivent. Arcuri failed to cooperate by that deadline. The Complaint alleged that Arcuri also failed to cooperate with FINRA’s request for his testimony on July 16, 2019. Arcuri was purportedly warned by FINRA that he could be sanctioned for failing to cooperate with FINRA Rule 8210, which mandated his production of the information and documentation. FINRA alleged that Arcuri’s lack of cooperation was violative of FINRA Rules 2010 and 8210.
Arcuri was registered with Thrivent Investment Management Inc. between September 2, 1992 and December 8, 2017.
