Charles Malico, with Network 1 Financial Securities, Suspended Six Months

HUNTINGTON STATION, NEW YORK

 Are you a current or former client of financial advisor Charles Malico, with Network 1 Financial Securities in Huntington Station, New York?  Our securities arbitration law firm is reviewing allegations made against Charles Malico.  FINRA investigated whether Malico had been excessively trading or churning a customer’s account, and in doing so, violated Regulation Best Interest (or Reg BI).

This is one of FINRA’s first cases involving a violation of Reg BI.  FINRA’s AWC discloses that Malico traded the account with a cost-equity ratio of 158 percent.  This means that the account needed to generate a profit of 158 percent just to break even from the costs of trading.  To settle these accusations, Charles Malico agreed to a six-month suspension and a $5,000 fine.

Charles Malico was a representative of Network 1 Financial Securities from June 2016 to April 2022.  Malico worked in a Huntington Station, New York office.  Malico has also been the subject of seven customer complaints and a tax lien in 2008.

Malico must follow securities rules and regulations.  Moreover, securities broker-dealers like Network 1 Financial Securities must adequately supervise all representatives who are registered through their firm.  If the firm fails to do so, it could be liable for investor losses.

Our law firm is a securities arbitration law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York.  Our attorneys have represented over one thousand investors against many brokerage firms in the past.

View Malico, c FINRA AWC

View Malico, c BrokerCheck 10.13.22

If you lost money with Charles Malico or Network 1 Financial Securities, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.