Richard Anthony Cavileer of Edison New Jersey a stockbroker formerly employed by National Securities Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought $438,190.00 in damages founded on allegations that (1) misrepresentations had been made to the customer concerning the terms and conditions of over-the-counter equities investment purchased by the customer and (2) over-the-counter equities investments were not suitable for the customer’s circumstances. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03728 (Dec. 4, 2018).
FINRA Public Disclosure confirms that Cavileer is referenced in two more customer initiated investment related disputes pertaining to accusations of his violative conduct during the time that he was associated with Brecek & Young Advisors, Inc. and Investors Capital Corporation. Particularly, a customer initiated investment related arbitration claim concerning Cavileer’s conduct was resolved for $12,000.00 in damages based upon allegations that while Cavileer was associated with Investors Capital Corporation, the customer was placed in common and preferred stock investments that were not suitable for the customer and which caused the customer to incur unwarranted losses in the customer’s brokerage account. National Association of Securities Dealers (NASD) Arbitration No. 07-01111 (Aug. 15, 2008). On October 27, 2008, another customer initiated investment related complaint concerning Cavileer’s activities was settled to resolve accusations that while Cavileer was associated with Brecek & Young Advisors, Inc., options trades executed in the customer’s account were not authorized by the customer.
Additionally, FINRA Public Disclosure reveals that Cavileer has been subject of two regulatory actions concerning his misconduct in the securities industry. For example, Cavileer has been fined $10,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he excessively charged a customer and effected discretionary trades without having any authorization. Letter of Acceptance Waiver and Consent No. 20080115744-02 (Jan. 20, 2011). Evidently, Cavileer charged a customer nearly five percent of the principal amount of the customer’s purchase of Research In Motion Ltd., which FINRA found to be unreasonable and excessive. He also effected a sale of a customer’s securities without consulting with the customer on the day in which the sale was executed. Additionally, Cavileer reportedly sold Dryships, Inc. shares from another customer’s account despite failing to obtain the customer’s authorization. FINRA found Cavileer’s conduct violative of National Association of Securities Dealers (NASD) Rules 3440, 2110, and 2510.
Cavileer’s registration with National Securities Corporation has been terminated as of March 13, 2015.
