Jonah Engler (also known as Jonah Engler-Silberman) of New York New York a stockbroker formerly registered with Global Arena Capital Corp has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he failed to pay a customer compensatory damages after being found liable for sales practice violations. FINRA Case No. 20-01309 (Nov. 24, 2020).
FINRA Public Disclosure confirms that Engler was named in a customer initiated investment related arbitration claim where the customer was awarded $50,000.00 in damages based on Engler being found liable for defrauding the customer as it pertained to the customer’s investments in Global Geophysical Services Inc., Caesar’s Entertainment Operating Co., Renesola Ltd., Cliffs Natural Resources and Momentive Performance Materials. FINRA Arbitration No. 20-01309 (Sept. 10, 2020). According to the claim, the customer was sold unsuitable and misrepresented investments and had fallen victim to elder abuse.
Engler has been identified in 15 additional customer initiated investment related disputes regarding accusations of his misconduct while employed by securities broker dealers including Dawson James Securities, Global Arena Capital Corporation, First Republic Group and HFP Capital Markets LLC. FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim regarding Engler’s conduct was settled for $135,000.00 in damages supported by allegations that the customer’s account was churned and that the customer was placed into unsuitable investments including mutual funds and over-the-counter equities while Engler was associated with First Republic Group LLC.
Another customer initiated investment related arbitration claim involving Engler’s activities was resolved for $80,000.00 in damages based upon accusations that a contract between the HFP Capital Markets customer and the securities broker dealer had been breached and that the customer had been defrauded. The claim also alleges that private placements and corporate bond transactions were not suitable for the customer and that Engler’s negligence resulted in the customer’s investment losses.
Engler has also been charged by Securities and Exchange Commission (SEC) Commission with defrauding customers through an unauthorized trading scheme while at Global Arena Capital Corp. Civil Action No. 1:20-cv-01625 (Mar. 31, 2020). According to the Complaint, 360 accounts were exposed to unauthorized trading in part by Engler. The Complaint alleges that Engler and another defendant named Barbara Desideria both controlled Global Arena Capital Corporation. They purportedly helped raise $2,400,000.00 between illegal commissions, markdowns and markups. Investors allegedly experienced $4,000,000.00 in losses. Allegedly, $1,100,000.00 went to Engler or companies that were under his control.
SEC contends that Engler caused stockbrokers Joshua W. Turney and Hector Perez (also known as Bruce Johnson) to order trades for non-discretionary accounts without getting pre-trade confirmations from customers. Engler supposedly caused those stockbrokers to conceal their 4,500 unauthorized trades. Engler’s conduct is allegedly violative of Securities Exchange Act of 1934 Section 10(b), SEC Rule 10b-5, and Securities Act of 1933 Section 17(a)(1) and (3).
