FINRA Cracks Down on “Cockroaches”

Posted on September 24th, 2015 at 2:09 PM
FINRA Cracks Down on “Cockroaches”

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA has cracked down on a group of brokers who have jumped from one risky firm to another while simultaneously committing securities violations. The group of 10 employees, including a president of a now defunct corporation, has all been barred from the securities industry.

The 10 barred brokers were from a now defunct New York City-based broker-dealer, Global Arena Capital Corp, where FINRA said brokers were using misleading sales pitches, churning accounts and committing various other abuses. 

The case is an example of a practice known as “cockroaching”, in which brokers are able to stay in the securities industry by moving between risky or expelled firms while committing securities violations.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, FINRA, Global Arena Capital Corp.,

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We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele


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