Will S. Schneider Henriquez of Brooklyn New York a stockbroker formerly registered with Network 1 Financial Securities Inc. has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he mismarked customer order tickets and placed unauthorized trades in customers’ accounts. Letter of Acceptance Waiver and Consent No. 2017052703601 (June 21, 2018).
According to the AWC, between May of 2013 and May of 2017, during the time that Henriquez had been associated with Network 1 Financial Securities Inc., he placed trades in four customers’ accounts on a discretionary basis. Apparently, those customers had not provided written approval for Henriquez to effect trades in the customers’ collective six accounts. Moreover, written approval of Henriquez’s exercise of discretion had not been provided by the firm. Consequently, Henriquez’s conduct was found by FINRA to be violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
The AWC stated that between March of 2016 and March of 2017, thirty-two order tickets had been incorrectly marked as not having been solicited when the trades had in fact been solicited by Henriquez. Henriquez’s actions reportedly caused the firm to possess inaccurate records and books. Consequently, FINRA found Henriquez’s conduct violative of FINRA Rules 2010 and 4511.
FINRA Public Disclosure confirms that Henriquez has been identified in three customer initiated investment related disputes pertaining to accusations of his violative conduct during the period that he was employed by Emerald Investments, Inc., Fordham Financial and Success Trade Securities. Particularly, a customer initiated investment related arbitration claim regarding Henriquez’s activities was resolved for $21,999.00 in damages founded on allegations of undue investment losses on the customer’s over-the-counter equities holdings. FINRA Arbitration No. 01-01719 (May 2, 2001).
On May 9, 2006, another customer filed an investment related complaint involving Henriquez’s activities in which the customer alleged that Henriquez lied to the customer and convinced the customer to sign documents to effect an account transfer. Subsequently, Henriquez was subject of a customer initiated investment related arbitration claim where the customer was awarded $34,407.38 in damages based upon Henriquez being found liable for having breached his fiduciary duties to the customer, negligently handled the customer’s account, misrepresented investment information, misled and falsified statements, effected unsuitable investment transactions in the customer’s account, and defrauded the customer. FINRA Arbitration No. 10-01289 (June 28, 2013).
Since November 17, 1993, Henriquez has been associated with eighteen different broker dealers, sixteen of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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