Francine A. Lanaia, of Hauppauge, New York, a stockbroker with Meyers Associates, L.P., and formerly Alexander Capital, L.P., was named in regulatory action by The State of Montana’s Securities Division on August 2, 2016, in which Lanaia was alleged to have failed to supervise two registered representatives, Joseph Connelly and William Gennity. The two individuals, according to the allegations, engaged in unauthorized and excessive trading, unsuitable investment recommendations, charging of excess fees, and trading of margin in an unauthorized manner.
Public Disclosure records also reveal that Lanaia has been subject to eight other incidents. On October 16, 2000, Lanaia consented to a censure and $10,500.00 fine by the National Association of Securities Dealers, Inc. (NASD), in which Lanaia was found to have violated NASD Rules 3070, 2110, and 1120 in connection with her failure to report to NASD regarding customer complaints, and her improper authorization of a staff member to work as registered representative when such individual was not actively registered. Prior to being associated with Meyers Associates, Lanaia was previously associated with the rogue brokerage firms Investors Associates and Glenn Michael Financial, both expelled by securities regulators for securities fraud and misconduct.
On January 9, 2011, Lanaia settled a customer dispute for $140,000.00 after being alleged to have engaged in the failure to supervise as well as the engagement in other sales practice violations. On May 11, 2004, Lanaia settled a customer dispute for $5,000.00 after being alleged by the customer to have failed to supervise a registered representative.
On September 14, 2007, Lanaia settled a customer dispute for $205,000.00 after being alleged to have failed to supervise a broker. On January 31, 2008, Lanaia was named in a customer dispute, in which the customer requested $50,000.00 in damages after alleging unauthorized trades were made in the customer’s account. On April 10, 2015, Lanaia became subject to a pending customer dispute, in which the customer requested $757,287.00 after alleging that Lanaia engaged in fraudulent unauthorized trades, and unsuitable investment recommendations.
On July 17, 2009, Lanaia was fined $5,000.00 and suspended by Financial Industry Regulatory Authority (FINRA) after consenting to findings that she failed to supervise a registered representative that traded in customer accounts in a matter which was unsuitable. FINRA deemed Lanaia to have violated NASD Rules 3010(a) and 2110.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
