Arthur Mel Coffey (also known as Mel Coffey) of Miller Place New York a stockbroker currently registered with SW Financial is referenced in a FINRA investigation which may lead to Department of Enforcement bringing a disciplinary action against him for possibly churning customer accounts and making unsuitable trades in violation of FINRA rules. FINRA Case No. 20200650352 (Aug. 6, 2021).

According to FINRA Public Disclosure, Coffey might face a disciplinary action by FINRA Department of Enforcement for potentially churning the accounts of investors in violation FINRA Rules 2010 and 2020 as well as Securities Exchange Commission (SEC) Rule 10b-5. In addition, Coffey might face a disciplinary action for potentially making unsuitable trades and unsuitable recommendations to investors in violation of FINRA Rules 2010 and 2111. The investigation does not identify where these potential sales practice violations occurred. Coffey’s actions might have involved customers of First Standard Financial Company LLC, SW Financial or another securities broker dealer.

Coffey has been identified in fourteen customer initiated investment related disputes regarding accusations of his wrongdoing while associated with securities broker dealers including John Thomas Financial, Ladenburg Capital Management Inc., GBI Capital Partners Inc., and Gaines Berland Inc. FINRA Public Disclosure shows that Coffey is named in a customer initiated investment related FINRA securities arbitration claim in which he was ordered to pay $250,000.00 in compensatory damages based on him being found jointly liable on the customer’s causes of action including fraud, misrepresentation and breach of fiduciary duty when Coffey was associated with Gaines Berland.

Coffey is the subject of a different customer initiated investment related FINRA securities arbitration claim which was resolved for $21,125.00 in damages founded on accusations that Coffey made excessive trades and breached a fiduciary duty regarding over-the-counter equities transactions at Ladenburg Capital Management Inc. According to the claim, Coffey was negligent and made misrepresentations pertaining to the trades.

Another customer initiated investment related FINRA securities arbitration claim concerning Coffey’s activities was settled for $12,500.00 in damages based on allegations of unauthorized transactions and fraud. The claim alleges gross negligence relating to over-the-counter equities and private placements when Coffey was associated with John Thomas Financial.

Coffey is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the arbitrator ordered John Thomas Financial to pay $16,000.00 in damages supported by accusations including churning and breach of contract. Another customer initiated investment related FINRA securities arbitration claim involving Coffey’s conduct was settled to resolve allegations of Coffey’s unsuitable private placements at John Thomas Financial.

Coffey was registered with Fist Standard Financial Company LLC between December 5, 2016 and September 17, 2019. He has been registered with SW Financial since August 19, 2019. He has also been associated with three different securities broker dealers which have been expelled by regulators for violation of federal securities laws or are otherwise defunct. #cockroach

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