Eugene A. Riggio, of Hawthorne, New York, a stockbroker formerly registered with Wilmington Capital Securities, LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that Riggio obstructed a FINRA investigation into allegations that he misappropriated funds. Letter of Acceptance, Waiver and Consent, No. 2016051872301 (May 10, 2017).
According to the AWC, Riggio was terminated by Wilmington Capital Securities on October 27, 2016, based upon allegations that he entered into an unauthorized loan arrangement, in which Riggio failed to repay his debts. FINRA subsequently contacted Riggio, based on Rule 8210, in which FINRA requested that Riggio provide information to FINRA staff that pertained to the investigation into allegations of his wrongdoing. Riggio apparently responded to FINRA personnel on April 21, 2017, where he confirmed receipt of FINRA’s information request and indicated that he would at no point provide the information requested. Consequently, FINRA found Riggio’s conduct to be violative of FINRA Rules 2010 and 8210.
Since January 5, 1995, Riggio has been associated with eleven different broker dealers, seven of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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