Switch to ADA Accessible Theme
Close Menu
Free Consultation: 888-976-6111

Paul Desir: FINRA Suspends Richfield Orion Advisor

Huntington, New York financial advisor Paul Desir (CRD# 5559016) allegedly engaged in excessive and unsuitable trading, according to a recent regulatory enforcement action suspending him from acting as a broker. Financial Industry Regulatory Authority records show that prior to his suspension, he was a broker with Richfield Orion International. 

According to a Letter of Acceptance, Waiver and Consent (No. 2020066911501) issued in May 2022, FINRA found that Mr. Desir “had an average equity of approximately $700,000, and Desir recommended that the customer place trades in his account with a total principal value of $3,860,000.” Noting that the investor “relied on Desir’s advice and accepted his recommendations,” the AWC Letter states that the transactions he recommended “caused the customer to pay over $134,900 in commissions and other trading costs, which resulted in an annualized cost-to-equity ratio of 20 percent.” This figure, FINRA clarifies, indicates that the account “would have had to grow by more than 20 percent annually just to break even.” Finding that his activities constituted violations of FINRA Rules 2111 and 2010, FINRA issued Mr. Desir a four-month suspension and a fine of $5,000.

Mr. Desir’s BrokerCheck report also discloses an investor complaint against him. Filed in December 2021, the complaint alleges that as a representative of Richfield Orion International, he engaged in unspecified misconduct regarding stock transactions and commissions. The pending complaint alleges “vague” damages identified as $5,000.

According to the Financial Industry Regulatory Authority, Paul Desir holds 14 years of securities industry experience. Most recently based in Huntington, New York, he has been a broker with Richfield Orion International since 2018, though his FINRA-ordered suspension commenced on June 23, 2022. His past registrations include Joseph Stone Capital (Syosset, New York; 2016-2018), Rothschild Lieberman (Syosset, New York; 2015-2016), Craig Scott Capital (Uniondale, New York; 2012-2015), Brookstone Securities (Uniondale, New York; 2010-2012), and JHS Capital Advisors (Bethpage, New York; 2008-2010). 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. His FINRA-ordered suspension will end on October 25, 2022. (Information current as of July 28, 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.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • Paul Meyer: Did RBC Advisor Make Unauthorized Trades?

    Paul Meyer (CRD# 3062534), an advisor based in Minnetonka, recently received investor complaints alleging he engaged in misconduct that resulted...

    Read More
  • Rene Castro: Did Upland Advisor Sell Unsuitable GWG L Bonds?

    A recent investor complaint against Upland, California financial advisor Rene Castro (CRD# 2559410) alleged that he recommended unsuitable GWG L...

    Read More
  • Edward Yoon: Investors Complain About Ex-First Allied Advisor

    Recent investor complaints against Pasadena financial advisor Edward Yoon (CRD# 2408137) allege that he recommended unsuitable investments. Financial Industry Regulatory...

    Read More
  • Private Placement Complaint Against Bill Braun, Boca Raton Advisor

    Bill Braun (CRD# 1271500), a financial advisor with B. Riley Wealth Management, has received multiple investor complaints alleging he recommended...

    Read More
  • Previous
  • Next