Daniel Pita of Southwest Ranches, Florida, a stockbroker formerly registered with NYLife Securities LLC, is the subject of an enforcement action initiated by Financial Industry Regulatory Authority (FINRA) in which the regulator is seeking sanctions against Pita based upon allegations that Pita failed to cooperate in a FINRA investigation. FINRA Case No. 2021071965401 (Aug. 18, 2022).
According to the Complaint, FINRA investigated Pita to determine whether he engaged in undisclosed outside business activities during the time that he was associated with NYLife Securities LLC. FINRA reached out to Pita on March 7, 2022, asking that he confirm all of his activities outside of the firm’s auspices between January of 2020 and December 10, 2021.
In the investigation, FINRA also asked Pita to confirm information regarding bank accounts established in his name between October 1, 2020, and August 31, 2021, and whether there were any accounts where he had authority to execute transactions between October 1, 2020, to August 31, 2021. The regulator also asked for Pita’s tax returns and account statements.
Pita emailed FINRA but failed to address its request. FINRA states that Pita needed to provide additional information to the regulator no later than April 2022. Pita failed to respond to this and additional requests that FINRA made in the investigation. Following FINRA’s July 29, 2022 attempt to contact Pita, Department of Enforcement filed the Complaint alleging that Pita violated Rules 2010 and 8210 by failing to provide documents and information relating to his outside business activities.
From 2018 to 2021, Pita was associated with NYLIFE Securities LLC.
