Lisa Acca of Bay Ridge New York a stockbroker formerly employed by Arive Capital Markets has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity founded on accusations of the stockbroker neglecting to testify for FINRA and failing to provide information or documentation to the regulator while she was the subject of an investigation for soliciting a private securities transaction. Letter of Acceptance Waiver and Consent No. 2018060634302 (Aug. 8, 2019).
According to the AWC, in 2019, an investigation was launched by FINRA into whether Acca provided advice to customers about securities transactions that may not have been approved or authorized by Arive Capital Markets. On May 14, 2019, a request was made by FINRA for information and documentation to be provided by the stockbroker no later than May 21, 2019. The AWC stated that Acca was also instructed by FINRA personnel to testify on June 11, 2019.
According to the May 24, 2019 letter which was provided to FINRA from the stockbroker’s legal counsel, Acca declined to provide information and documentation and she refused to testify. Acca declined to cooperate at any point in the investigation regarding alleged recommendations she made outside the auspices of Arive Capital. Acca’s conduct was violative of FINRA Rules 2010 and 8210.
This is not the first time that Acca has been the subject of a regulatory action supported by allegations of her non-compliance with FINRA requests. FINRA Public Disclosure indicates that Acca has been suspended from associating with any FINRA member in any capacity supported by allegations that she neglected to respond to the regulator’s request for information about her activities. FINRA Case No. 2018060634301 (Feb. 22, 2019).
Acca has been referenced in four customer initiated investment related disputes concerning accusations of her improprieties while associated with securities broker dealers including Equity Services Inc. FINRA Public Disclosure reveals that a customer filed an investment related complaint in reference to Acca’s conduct where the customer sought $80,000.00 in damages based upon accusations that a fiduciary duty was breached and that the stockbroker was negligent as it pertained to municipal bond purchases effected in the customer’s account when Acca was associated with Equity Services Inc.
Acca is the subject of another customer initiated investment related written complaint in which the customer requested $8,000.00 in damages based upon allegations of misrepresentation relating to the customer’s securities account. Another customer initiated investment related complaint involving Acca’s conduct was settled to resolve allegations that a variable annuity Acca sold while at AXA Advisors LLC was not suitable for the customer.
Acca’s employment with Arive Capital Markets was terminated on October 23, 2017.