A FINRA hearing panel has barred broker Edward Byen and his two supervisors, Craig Scott Taddonio and Brent Morgan Porges, from the securities industry. They all previously worked at Craig Scott Capital of Uniondale, NY.
FINRA filed an enforcement complaint in December 2015 alleging that the “firm and its owners had fostered a culture of aggressive and excessive trading of customer accounts” from January 2012 until December 2014.
The firm encouraged brokers to use upcoming earnings reports to entice customers into making short-term trades. That trading activity earned the firm over $5 million in commissions but resulted in more than $9 million in customer losses.
FINRA alleged that Byen excessively traded his customer accounts without regard to the suitability of such trading for his clients.
Byen has worked in several Long Island, NY firms for seven years. In that time, he has had seven customer complaints filed against him. Five are pending.
Craig Scott Taddonio is the CEO and co-founder of Craig Scott Capital. He has worked in the securities industry for 12 years – and has 12 disclosures on his Brokercheck report, including tax liens, a bankruptcy, customer disputes and a $25,000 SEC fine for the failure to implement the appropriate compliance programs at Craig Scott Capital.
Not to be out done, Brent Morgan Porges has been in the securities industry for 12 years. During that time he has worked at 17 firms and has 16 disclosures on his Brokercheck report including liens, customer disputes and the same $25,000 SEC regulatory event.
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