David Gene Menashe of New York, New York, a stockbroker formerly registered with Allied Millennial Partners LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he refused to comply with FINRA when he was under investigation for excessive and unsuitable trading. Letter of Acceptance, Waiver, and Consent No. 2019064511201 (July 15, 2022).
According to the AWC, FINRA’s investigation into Menashe concerned his trading in customer accounts. On May 27, 2022, he was asked by FINRA to testify in the investigation. On June 6, 2022, the regulator was made aware that Menashe would not appear for testimony and that he was done working in the securities industry. FINRA states that on June 17, 2022, the broker told FINRA that he would not comply with FINRA’s investigation at any point. FINRA determined that Menashe violated Rules 2010 and 8210.
This is not the first time that Menashe has been the subject of a regulatory action. In 2017, Menashe was sanctioned by Montana Commissioner of Securities for unauthorized trading. He was required by Montana Commissioner of Securities to pay $15,000.00 in restitution.
FINRA Public Disclosure additionally shows that a customer initiated investment related FINRA securities arbitration claim regarding Menashe’s activities was resolved for $40,000.00 in damages based upon alleged negligent misrepresentation, misleading statements, false statements, and excessive trading by Menashe during the period that he was registered with Joseph Stone Capital LLC. FINRA Arbitration No. 18-02598. The claim also alleges the broker’s breach of fiduciary duty concerning over-the-counter equities transactions.
Almost half the the securities broker-dealers that Menashe has been registered have been expelled by FINRA or are otherwise defunct. #cockroach. Menashe was registered with Joseph Stone Capital LLC between February 26, 2013, and January 25, 2017, Newbridge Securities Corporation between January 19, 2017, and February 21, 2019, Benchmark Investments LLC between February 25, 2019, and October 28, 2021, and Allied Millennial Partners between October 19, 2021, and March 3, 2022.
