Michael Robert Molinaro, of Long Beach, New York, a chief compliance officer of Charles Vista, LLC, has been named in a customer initiated investment related arbitration claim on August 26, 2015, in which the customer requested $130,628.37 in damages based upon allegations that Molinaro failed to supervise the activities of a registered representative concerning over-the-counter equity transactions effected in the customer’s account.
Previously, on October 15, 2014, a customer filed an investment related arbitration claim regarding Molinaro’s activities in which the customer requested $72,287.50 in damages based upon allegations that Molinaro failed to supervise his firm’s business activities.
Molinaro has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Molinaro, inter alia, failed to supervise private placements offered through his firm. Letter of Acceptance, Waiver and Consent, No. 2010021076001 (Jan. 13, 2015).
According to the AWC, Molinaro was responsible for creating and implementing systems and procedures for supervising activities of his firm including private placements and investment banking. Apparently, supervisory responsibly in this regard was delegated to an unqualified representative, FL, by Molinaro and another broker, GL. Apparently, FL was tasked with handling deals concerning investment banking, determining the selection of issuers, and engaging in negotiations and execution of due diligence. The AWC stated that Molinaro failed to properly delegate his supervisory responsibilities. Consequently, FINRA found that Molinaro’s conduct was violative of FINRA Rule 2010 and NASD Rule 3010.
Molinaro’s registration with Charles Vista LLC ended on September 24, 2012. He became registered with Network 1 Financial Securities Inc. on February 29, 2014. Since April 26, 1996, Molinaro has been associated with ten different broker dealers, seven of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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