John Paul Angelone of Weston Connecticut a stockbroker formerly employed by Network 1 Financial Securities Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Angelone refused to cooperate in a FINRA investigation into his possible violation of federal securities laws. Letter of Acceptance Waiver and Consent No. 2017052907902 (Oct. 31, 2018).

According to the AWC, FINRA launched an investigation into Angelone on or around October 1, 2018 in regards to Angelone’s possible violations of Securities Act of 1933 Section 5 – which concerns the registration (or exemption from registration) of securities that are offered and sold to investors. The AWC stated that Angelone was sent a request from FINRA which called upon him to make an appearance before FINRA personnel on October 25, 2018 and testify in regard to his activities.

The AWC stated that FINRA was contacted by Angelone on October 8, 2018, at which point Angelone informed FINRA that he understood the nature of its request but would not make any appearance in furtherance of the investigation. FINRA found that Angelone’s failure to cooperate in this respect was violative of FINRA Rules 2010 and 8210. Consequently, FINRA barred Angelone from the securities industry.

FINRA Public Disclosure reveals that since September 9, 1996, Angelone has been associated with thirteen broker dealers, seven of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach

Namely, Angelone was previously employed by Halcyon Cabot Partners, Ltd. between September 16, 2014 and September 18, 2015. Halcyon Cabot Partners, Ltd. was shortly thereafter expelled by FINRA according to an Order Accepting Offer of Settlement containing findings that the firm, inter alia: engaged in a scheme to defraud the investing public; engaged in a deceptive scheme to accumulate unwarranted commissions; churned and excessively traded customers’’ investment accounts; and failed to supervise its penny stock business. Department of Enforcement v. Halcyon Cabot Partners, Ltd., et al., Disciplinary Proceeding No. 2012033877802 (Oct. 6, 2015). FINRA found that the firm’s conduct was violative of Securities Exchange Act of 1934 Section 10(b), Securities Exchange Commission (SEC) Rule 10b-5(a) and (c), NASD Rules 2310, 3010 and 3110(a), and FINRA Rules 2111, 4511, 3310(a), 3310(d), 3010 and 2010.

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