Wills Schneider Henriquez (also known as Wills S. Henrtquez) of Brooklyn New York a stockbroker formerly registered with Network 1 Financial Securities Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $75,000.00 in damages based upon allegations that a fiduciary duty that was owed to the customer had been breached and that the customer had been inappropriately charged fees on stock transactions effected by Henriquez at Network 1 Financial Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01039 (June 15, 2020).
Henriquez has been identified in three additional customer initiated investment related disputes concerning allegations of his misconduct while he was registered with Emerald Investments Inc., Success Trade Securities and Fordham Financial. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer initiated investment related arbitration claim involving Henriquez’s activities was settled for $21,999.00 in damages supported by allegations that Henriquez placed the Fordham Financial customer in over-the-counter equities that resulted in losses due to a market correction.
Henriquez is also the subject of a customer initiated investment related arbitration claim where the customer sought unspecified damages founded on allegations of the customer being misled with regard to a transfer of assets to Success Trade Securities. Henriquez is also named in a customer initiated investment related arbitration claim in which the customer was awarded $30,115.85 in compensatory damages based upon Henriquez being found liable on the customer’s claims of breach of fiduciary duty and fraud in regard to AIG stock and Fannie Mae transactions. The claim alleges that misleading and false statements had been made to the customer and that the investments were not suitable.
FINRA Public Disclosure also confirms that Henriquez has been fined $7,500.00 and suspended for 45 days from associating with any FINRA member in any capacity supported by findings of unauthorized trading and the mismarking of order tickets by Henriquez during the time that he was associated with Network 1 Financial Securities. Letter of Acceptance Waiver and Consent No. 2017052703601 (June 21, 2018).
According to the AWC, between May of 2013 and May of 2017, discretionary trades had been executed by Henriquez in the accounts of four customers who had not provided him with any written authorization to exercise discretion. Henriquez’s trading violated FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
The regulator pointed out that between March of 2016 and March of 2017, 32 order tickets had been mismarked by Henriquez which led the securities broker dealer to maintain records and books which were not accurate. Henriquez violated FINRA Rules 2010 and 4511 in this respect.
Henriquez has been associated with eight different broker dealers which have been expelled by securities regulators for violation of federal securities laws or which are defunct. He was registered with Network 1 Financial Securities between April 22, 2013 and May 2, 2018.