Richard S. Siminou of New York, New York, a stockbroker previously associated with Newbridge Securities Corporation, has been fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Siminou engaged in excessive and unsuitable trading during the time that he was associated with Newbridge Securities Corporation. Letter of Acceptance, Waiver, and Consent No. 2019064511205 (August 31, 2023).
According to the AWC, Siminou excessively and inappropriately traded two accounts belonging to elderly customers. This conduct led to an annualized cost-to-equity ratio of over 29 percent and 34 percent for the two accounts, respectively. Due to Siminou’s unsuitable recommendations, customers were charged $17,021.00 in commissions and fees. Therefore, FINRA found that Siminou violated FINRA Rules 2010 and 2111.
FINRA Public Disclosure also shows that on November 10, 2016, a customer filed an investment related complaint involving Siminou’s conduct in which the customer requested $12,000.00 in damages based upon allegations that Siminou mismanaged the customer’s account and caused the customer to experience poor performance on stocks and equities during the time that Siminou was associated with Newbridge Securities Corporation. The complaint was closed with no action on November 14, 2018.
Siminou was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $37,500.00 in damages based upon allegations that Siminou made unsuitable investment recommendations, failed to perform due diligence, lacked supervision, and showed negligence in connection with the sale of alternative investments during the time that Siminou was associated with Newbridge Securities Corporation. FINRA Arbitration No. 22-00102 (April 25, 2023).
Siminou was associated with Kingswood Capital Partners LLC in New York, New York from March 9, 2021, to September 18, 2023. He was also associated with Benchmark Investments LLC in New York, New York from February 20, 2019, to July 28, 2023. Prior to that, Siminou was associated with Cape Securities Inc. in McDonough, Georgia from March 21, 2019, to April 6, 2021, and Newbridge Securities Corporation in New York, New York from November 13, 2008, to February 21, 2019.
