Coastal Equities Stockbroker Suspended For Obstructing Investigation

Neil D. Pecker, of Longwood, Florida, a stockbroker formerly registered with Coastal Equities, Inc., was suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after FINRA found that Pecker did not cooperate with FINRA’s request to provide information or documentation. Docket No. 2016050013101 (Sept. 26, 2016).

FINRA Public Disclosure reveals that on June 7, 2011, Pecker settled a customer initiated investment related arbitration claim for $45,000.00 in damages based upon allegations that Pecker breached his contractual and fiduciary obligations to the customer, committed negligence, churned and overconcentrated the customer’s account, misrepresented investment based information to the customer, and made unsuitable investment recommendations.

Pecker was also charged by the United States Commodity Futures Trading Commission in a Complaint alleging that Pecker committed fraud regarding binary options transactions. CFTC Release: 7334-16 (Feb. 24, 2016). Pecker reportedly solicited an estimated $3,000,000.00 from approximately one-hundred-and-twenty investors for purposes of trading off-exchange binary options.

Apparently, Pecker made omissions and misrepresentations to customers regarding the options transactions, including his failure to mention that customer funds were placed into off-shore entity accounts, and that customers’ principal investments were unable to be withdrawn from such accounts absent certain conditions. The Complaint further alleged Pecker to have misappropriated nearly $2,000,000.00 in customer funds for Pecker’s own benefit in furtherance of the fraudulent scheme.

Since 2003, Pecker has been associated with nine different broker dealers, six of which have been expelled by securities regulators for violation of federal securities laws or is otherwise defunct. #cockroaching.

Guiliano Law Group

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