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Century Securities Broker Daniel Castoriano Suspended, Fined
Daniel Castoriano (CRD# 4229838), formerly a broker based in New Orleans, was recently sanctioned by the Financial Industry Regulatory Authority (FINRA) in connection to allegations of unauthorized trading. Previously associated with Century Securities Associates and LPL Financial in New Orleans, Louisiana, Castoriano was issued a 20-day suspension and a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2019062882001) dated January 2020, Daniel Castoriano was associated with Century Securities Associates from December 2003 until June 2019. Between September 2018 and May 2019, the findings state, he exercised discretion in a customer’s account without authorization. FINRA states specifically that he “used discretion to execute six trades on four dates” in that customer’s account. The trades in question were placed in accordance with an investment strategy which he and the customer had agreed upon, according to FINRA, but he had not obtained the customer’s written authorization to execute the transactions in question, and had additionally not received his firm’s permission to exercise discretion in his client’s account. Firm policies forbade representatives from exercising discretionary without the customer’s written authorization and the firm’s prior approval; FINRA Rule 3260(b) makes the same stipulation. FINRA concludes that the discretionary trades constituted violations of FINRA Rule 3260(b) and 2010, as well as NASD Conduct Rule 2510(b). As a result of the foregoing alleged conduct, he was issued a 20-day suspension from associating with any FINRA member. He was also ordered to pay a fine of $5,000.
His BrokerCheck report also lists his June 2019 employment separation from Century Securities Associates. According to the disclosure, he was “permitted to resign” in connection to allegations he violated firm policy “by exercising discretion without written trading authorization in a client’s account.”
Daniel Castoriano is currently not registered as a broker. His previous registrations include Century Securities Associates, LPL Financial, and Edward Jones. He has passed four securities industry qualifying examinations: Uniform Investment Adviser Law Examination, or Series 65; Uniform Securities Agent State Law Examination, or Series 63; Securities Industry Essentials Examination, or SIE; and General Securities Representative Examination, or Series 7. His BrokerCheck report lists zero state securities licenses. (Information current as of May 21, 2020.)