Shane Joseph Melito, of Syosset, New York, a stockbroker currently registered with Network 1 Financial Securities Inc., is the subject of a customer initiated investment related arbitration claim, in which the customer was awarded $51,549.00 in damages based on Melito having been found liable for effecting unsuitable transactions in the customer’s account and for breaching his fiduciary duties in regard to stock and over-the-counter equity investments. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-01813 (May. 31, 2017). Evidently, Melito effected investment transactions in the customer’s account on an excessive basis, generating high commissions and over-concentrating the customer’s account.

FINRA Public Disclosure confirms that on March 27, 2007, a customer filed an investment related written complaint involving Melito’s conduct, where the customer sought $19,869.00 in damages supported by allegations that while Melito was associated with EKN Financial Services, Inc., unauthorized over-the-counter equities trades were effected in the customer’s account. Additionally, on November 6, 2007, a customer initiated investment related written complaint regarding Melito’s activities was resolved for $1,969.10 in damages based upon accusations that Melito effected equity transactions in the customer’s account that the customer never requested.

Since June 25, 1998, Melito has been associated with six different broker dealers, five of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.  #cockroach

Guiliano Law Group

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