Dominic Joseph Carlo, of New York, New York, a stockbroker registered with National Securities Corporation, has been fined $2,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Carlo engaged in unauthorized trading. Letter of Acceptance, Waiver, and Consent No. 2021070378301 (July 5, 2023).
According to the AWC, from November of 2020 to June of 2021, Carlo effected 239 discretionary trades involving a minimum of 36 customers. Despite these customers verbally or indirectly approving the trades, none of them gave Carlo any advance written approval to make choices for their portfolios. Also, NSC did not recognize any of these customer accounts as ones where trading could be effected by the stockbroker, and they didn’t allow discretionary trading in those accounts at that time. In both September of 2020 and October of 2021, Carlo filled out and provided compliance forms to the company, falsely claiming that he did not have discretionary trading authority in customer accounts. As a result, Carlo violated FINRA Rules 2010 and 3260(b).
Carlo was associated with National Securities Corporation as a stockbroker from March 7, 2002, to July 21, 2022. He has been associated with Ceros Financial Services Inc. as a stockbroker since July 20, 2022.
