Michael Anthony Regina, of Lynbrook, New York, a stockbroker formerly registered with Obsidian Financial Group, LLC, is the subject of a customer initiated investment related arbitration claim, which settled for $14,000.00 in damages based upon allegations that Regina failed to create and maintain adequate supervision systems to detect and prevent violation of securities laws relating to options, equities and over-the-counter equities transactions effected in customer accounts. Financial Industry Regulatory Authority (FINRA) Arbitration No. 15-01410 (June 15, 2017).
FINRA Public Disclosure reveals that Regina has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity by consenting to findings that he effected unauthorized transactions in customer accounts by opening two customer accounts and making purchases of fifty Alcoa Inc. shares in each customer’s account; conduct violative of FINRA Rule 2010. Letter of Acceptance, Waiver and Consent, No. 2012030774501 (Feb. 2, 2015).
Additionally, on December 19, 2006, a customer initiated investment related written complaint involving Regina’s conduct was settled for $4,000.00 in damages supported by accusations of unsuitability with respect to over-the-counter equity transactions effected in the customer’s account during the time that Regina was employed with GunnAllen Financial.
Since April 4, 1996, Regina has been associated with thirteen different broker dealers. Two of those broker dealers have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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