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Articles Tagged with First Standard Financial

Robert Frank Spiegel of Staten Island, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in excessive and unsuitable trading in violation of FINRA Rules 2111 and 2010.

From October 2014 through November 2018, Robert Frank Spiegel was registered with First Standard Financial as a General Securities Representative. According to the FINRA findings, Robert Frank Spiegel allegedly engaged in quantitatively unsuitable trading in the account of a 70-year-old customer. The FINRA findings stated that the customer followed Mr. Spiegel’s recommendations, giving him de facto authority over the account and while doing so resulted in a high turnover rate of 34 and an annualized cost-to-equity ratio of 113%. In addition to the FINRA findings, the customer paid $18,047 in commissions and fees to Mr. Spiegel and incurred losses of $77,334. Continue Reading

Michael Leahy of Red Bank, New Jersey submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he has been barred for allegedly failing to reasonably supervise another representative in violation of  FINRA Rules 3110 and 2010.

In July 2017, Michael Leahy joined First Standard Financial General Securities Representative and General Securities Principal. According to FINRA, Michael Leahy failed to supervise a former registered representative with First Standard, who engaged in a pattern of unauthorized trading, used margin without authorization, recommended unsuitable transactions, and charged excessive commissions in dozens of customer accounts. The FINRA findings stated the Leahy was allegedly aware of the multiple red flags and failed to investigate or take action against the representatives misconduct. Due to Leahy’s failure to supervise, the representative’s misconduct continued until the New Jersey Bureau of Securities revoked the representative’s registration. Continue Reading

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