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Tim Petrou: FINRA Sanctions Ronkonkoma Advisor for 6 Months
The Financial Industry Regulatory Authority (FINRA) recently sanctioned former Arive Capital Markets financial advisor Tim Petrou (CRD# 2672840). FINRA records show that the Ronkonokoma, New York broker allegedly engaged in excessive and unsuitable trading and has been suspended for six months.
According to a Letter of Acceptance, Waiver, and Consent (No. 2019060645001) issued on August 19, 2022, Mr. Petrou was registered with Arive Capital Markets when, between January 2017 and October 2018, he “engaged in excessive and unsuitable trading, including the use of margin,” in the account of a retired 67-year-old pharmacist with “limited knowledge of the stock market.” FINRA found that Mr. Petrou made recommendations that caused the customer “to pay $88,348.13 in commissions and trade costs and another $7,958.52 in margin interest for a total of $96,306.65.” The allegedly unsuitable recommendations resulted in realized losses of roughly $17,000, according to the AWC Letter. FINRA found that Mr. Petrou’s conduct constituted violations of FINRA Rules 2111 and 2010. He was ordered to pay a $5,000 fine and restitution of $96,306.65. He was also suspended from associating with any FINRA member firm in any capacity for a period of six months.
Mr. Petrou’s BrokerCheck report lists one investor complaint. Filed in 2005, it alleged that as a representative of JP Turner & Company, he engaged in unauthorized trading, breached his fiduciary duty, and made misrepresentations of material facts. In 2007 the complaint reached a settlement of $17,750.
According to the Financial Industry Regulatory Authority, Tim Petrou holds 26 years of securities industry experience. Based in Ronkonokoma, New York, he is not currently registered as a broker or as an investment advisor. His past registrations include Arive Capital Markets (Ronkonkoma, 2015-2022), JP Turner & Company (Middle Island, New York; 2002-2015), Investec Ernst & Company (New York, New York; 1999-2002), and Royce Investment Group (Woodbury, New York; 1995-1999). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 commenced on September 6, 2022 and will end on March 5, 2022. (Information current as of September 30, 2022.)
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