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John Carneglia: NYC Broker Suspended, Fined $15,000
Former BNP Paribas securities broker John Carneglia (CRD# 4404911) has been sanctioned by the Financial Industry Regulatory Authority in connection to allegations he did not disclose his interest in an outside brokerage account. Previously a representative at the firm’s branch office in New York City, Carneglia was issued a two-month suspension and a fine of $15,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2018058061801) dated December 2019, John Carneglia was associated with BNP Paribas Securities from 2006 until 2019, when the firm terminated his registration in connection to allegations he acted in a manner that was inconsistent with its Employee Personal Account Dealing Policy. FINRA’s findings state that between June 2006 until the present, he has “held a financial and beneficial interest in his wife’s brokerage account held at a member firm other than his employer firm, BNP.” However, FINRA states, he did not notify BNP of his interest in this account until July 2017, and during the period he was employed there “also inaccurately represented on BNP compliance certifications that he had disclosed all brokerage accounts” to the firm.
FINRA’s findings go on to state that between July 2005 and August 2017, he engaged in an outside business activity in which he was one of two members of an LLC that owned a rental property, “specifically a condominium at a ski resort.” FINRA states that he received income from this LLC in the form of funds paid to it by a management company that rented the condominium on the LLC’s behalf. According to FINRA, he did not inform BNP of his outside business activity until August 2017, and until this point made inaccurate representations on compliance certifications, attesting that he was not involved in outside business activities. As a result of the foregoing alleged conduct, he was suspended from association with FINRA member firms for two months. He was also ordered to pay a fine of $15,000.
John Carneglia is currently registered with Cowen & Company in New York City. His previous registrations include Cowen Execution Services, ATM Execution, BNP Paribas Securities, BNP Paribas Prime Brokerage, Deutsch Bank Securities, and Morgan Stanley. He has passed six securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 13, 2020.)