Indianapolis financial advisor Steve Haskell (CRD# 6864948) recently received an investor complaint alleging his advice resulted in six-figure damages. Financial...Read More
Lon Faccini: Churning Complaints Against Staten Island Advisor
Arive Capital Markets financial advisor Lon Faccini (CRD# 2736849) has received investor complaints alleging six-figure damages. Financial Industry Regulatory Authority records show that he is a broker based in Staten Island, New York.
Mr. Faccini’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in April 2022, alleges that as a representative of Arive Capital Markets, he engaged in excessive trading and made unsuitable transactions. The pending complaint alleges damages of $310,000. In a comment on the disclosure, Mr. Faccini wrote that he “adamantly denies any and all claims asserted against him in this matter” and further that he “intends to seek expungement relief at the earliest opportunity.”
Another pending complaint, filed in 2018, alleges that as a representative of Cape Securities, Mr. Faccini made misrepresentations of material facts and recommended unsuitable investments. The pending complaint alleges damages of $106,000.
A complaint filed in 2019 alleged excessive trading, unsuitable investment recommendations, and churning, eventually reaching a settlement of $115,000. A 2020 complaint, meanwhile, alleged churning and negligence, reaching a settlement of $36,000. A complaint filed in 2017 alleged unsuitable investment recommendations, reaching a settlement of $9,000.
An investor complaint filed in 2015 alleged that while at Liberty Partners Financial Services, Mr. Faccini breached his fiduciary duty, committed fraud, made negligent misrepresentations, omitted material facts, breached contract, recommended unsuitable exchange-traded funds, and churned investments. The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award of $42,983 to the claimant.
According to the Financial Industry Regulatory Authority, Lon Faccini holds 25 years of securities industry experience. Based in Staten Island, New York, he has been a representative of Arive Capital Markets since 2016. His past registrations include Cape Securities, Liberty Partners Financial Services, J.W. Cole Financial, J.P. Turner & Company, LH Ross & Company, Continental Broker-Dealer Corp, Gunnallen Financial, Seaboard Securities, H.J. Meyers & Co., and Investors Associates. His credentials include the passage of three securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 36 state licenses. (Information current as of July 12, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.