Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » FINRA Bars Arive Capital Markets Stockbroker In Investigation

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Mitchell Scott Biernick of Freeport, New York, a stockbroker registered with Arive Capital Markets, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Biernick failed to testify during the time that FINRA investigated the stockbroker for possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2019060645002 (October 18, 2022).

According to the AWC, on September 28, 2022, FINRA sent a request to Biernick for testimony relating to FINRA’s investigation into the suitability of specific securities transactions that Biernick recommended to customers while associated with Arive Capital Markets. On September 30, 2022, Biernick indicated that he had received FINRA’s request but would not appear for testimony at any time. Therefore, Biernick violated FINRA Rules 2010 and 8210.

FINRA Public Disclosure shows that Biernick is referenced in two customer initiated investment related disputes concerning his conduct while associated with securities broker dealers. On August 26, 2005, a customer initiated investment related NASD securities arbitration claim involving Biernick’s conduct was settled for $85,000.00 in damages based upon allegations that Biernick made unsuitable recommendations of over-the-counter equities when Biernick was associated with American Capital Partners LLC. NASD Arbitration No. 04-07386.

On February 19, 2014, a customer filed an investment related complaint involving Biernick’s conduct in which the customer requested $106,000.00 in damages based upon allegations that Biernick was negligent, churned the customer’s account, made misrepresentations of material fact, made unsuitable investment recommendations, breached his fiduciary duties, and breached a contract when Biernick was associated with J.P. Turner Company LLC.

Biernick was associated with Arive Capital Markets in Ronkonkoma, NY, as a stockbroker from July of 2015 to December of 2021, and was associated with Newbridge Securities Corporation in Freeport, NY, as a stockbroker from February of 2022 to March of 2022.