Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker, Carl George Antaki (CRD # 4177543) was recently suspended from the securities industry by FINRA’s Department of Enforcement for excessive and unsuitable trading (“churning“) in the account of a customer.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Antaki.
Registration Background for Carl Antaki
Mr. Antaki first became registered in the securities industry in 2000. He is currently registered with Syosset, NY based Network 1 Financial Securities, Inc. (CRD # 13577). His prior registrations include First Standard Financial Company LLC (CRD # 168340) from November 2015 to September 2019, Rockwell Global Capital LLC (CRD # 142485) from April 2008 to November 2015 and Empire Financial Group, Inc. (CRD # 28759) from November 2005 to April 2008.
FINRA’s Allegations Against Carl Antaki
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated May 20, 2021, Mr. Antaki consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between August 2017 and June 2019, while he was registered through First Standard, [Mr.] Antaki engaged in excessive and unsuitable trading in the account of one customer”;
- “[The customer] relied on [Mr.] Antaki’s advice and accepted his recommendations”;
- “During the relevant period, [Mr.] Antaki recommended that [The customer] place frequent trades in his account”;
- “Although the account had an average monthly equity of approximately $55,000, [Mr.] Antaki recommended and executed trades in [The customer]’s account with a total principal value of more than $1 million over the relevant period, which resulted in an annualized turnover rate of more than eight”;
- “Collectively, the trades that [Mr.] Antaki recommended caused [The customer] to pay $22,865 in commissions and other trading costs, which resulted in an annualized cost-to equity ratio of more than 30 percent—meaning that [The customer]’s account would have had to grow by more than 30 percent annually just to break even”;
- “[Mr.] Antaki’s recommended securities transactions in [The customer]’s account were excessive and unsuitable given [The customer]’s investment profile”; and
- By virtue of his actions, Mr. Antaki violated FINRA Rule 2111, regarding suitability and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Carl Antaki
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s May 20, 2021 AWC also indicates that Mr. Antaki consented to the following sanction(s):
- A three-month suspension from association with any FINRA member in all capacities;
- A fine in the amount of $5,000.00; and
- Restitution in the amount of $22,865.50.
Carl Antaki Has A History of Securities Industry Customer Complaints
In addition to Carl Antaki being suspended by FINRA from the securities industry, FINRA BrokerCheck for Mr. Antaki reveals that he has a history of customer complaints and/or customer initiated arbitrations, including but not necessarily limited to the following:
- On June 20, 2003, a customer-initiated arbitration was commenced naming Mr. Antaki as a respondent regarding alleged actions that occurred while he was associated with Ehrenkrantz King Nussbaum, Inc and/or Weatherly Securities Corporation. The customer alleged failure to follow instructions, unauthorized trading, breach of fiduciary duty and negligence. The customer further alleged damages of more than $100,000.00. On June 2, 2003 the arbitration panel issued an award in favor of the customer in the amount of $20,000.00.
- On October 3, 2017, a customer-initiated arbitration was commenced naming Mr. Antaki as a respondent regarding alleged actions that occurred while he was associated with Rockwell Global Capital LLC. The customer alleged unsuitability and the use of margin. The customer further alleged damages in the amount of $300,000.00. On March 29, 2016, the arbitration was settled in the amount of $62,500.00.
If you or someone you know has or had a brokerage account with Carl George Antaki and have concerns regarding losses in your investments or possible sales practice violations including fraud, churning or unsuitability, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.