Nicolas Esteban Arango, of Syosset, New York, a stockbroker formerly registered with Joseph Stone Capital L.L.C., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Arango failed to provide FINRA staff with information after it was requested of him. Case No. 2017053874801 (May 22, 2017).
This is not the first time that Arango has been sanctioned by a regulator for misconduct. Particularly, Arango was fined $1,500.00 and denied of his dealer registration by The Illinois Secretary of State Securities Department based upon allegations that Arango sold securities during a period that he was not registered to conduct securities business in the state. In the Matter of: Nicolas Arango, File No. 0200626 (Jan. 13, 2006). The Illinois Securities Department found Arango’s conduct to be violative of Illinois Securities Law Sections 12.A and 12.C.
FINRA Public Disclosure confirms that Arango has been identified in five customer initiated investment related disputes containing allegations of his misconduct while employed with Pointe Capital and GunnAllen Financial. Specifically, on December 6, 2005, a customer filed an investment related written complaint involving Arango’s conduct, in which the customer requested $5,000.00 in damages based upon allegations that Arango utilized margin in the customer’s account without authorization.
Subsequently, on August 8, 2007, a customer initiated investment related arbitration claim regarding Arango’s activities was resolved for $450,000.00 in damages based upon allegations that he churned the customer’s investment portfolio and effected over-the-counter equities transactions that were not suitable for the customer. Further, on October 21, 2008, a customer initiated investment related written complaint involving Arango’s conduct was settled for $205,000.00 in damages grounded by allegations against Arango of churning, improper margin use and unsuitability.
On April 11, 2017, Arango was terminated from Joseph Stone Capital, L.L.C. Since July 7, 1997, he has been associated with seventeen 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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