Suzanne Marie Capellini of New York, New York, a stockbroker registered with First Manhattan Co. LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Capellini provided false information to the regulator when it probed her about trading in accounts held by Capellini’s husband. Extended Hearing Panel Decision No. 2020066627202 (July 14, 2023).
According to the decision, Capellini was found to have provided inaccurate and deceptive responses to FINRA, which included a document she modified related to low-priced securities trading in her husband’s accounts at her affiliated firm.
Throughout the FINRA investigation, Capellini reportedly sought to mislead FINRA. Even during the hearing, she continued to deny any responsibility for her actions.
Capellini was responsible for setting up and executing an anti-money laundering program that would detect and report any suspicious activities concerning low-priced securities. However, she failed to create and implement an effective AML program. There were multiple instances of suspicious activities in a customer’s account that went undetected or uninvestigated by her, some of which might have warranted reporting.
Capellini’s oversight not only posed a regulatory concern but also had personal financial implications. Her husband utilized almost $400,000.00 in proceeds from low-priced securities for their family’s daily living costs, such as rent and tuition fees.
On August 4, 2023, Capellini appealed the Extended Hearing Panel Decision to the National Adjudicatory Council.
Capellini was associated with First Manhattan Co. LLC as a stockbroker from April 23, 1985, to June 5, 2020.
