Securities Lawyers Blog

Broker Dana Davis in Alexander Capital, L.p. Firm Has Customer Complaint

January 11, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Dana Davis (Davis), previously associated with Alexander Capital, L.p., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Davis recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on March 31, 2023.

Without admitting or denying the findings, Davis consented to the sanctions and to the entry of findings that he recommended unsuitable use of margin in customer accounts. The findings stated that Davis recommended the extensive use of margin in his customers’ accounts to leverage additional buying power while charging commissions on both buy and sell transactions. Davis’ recommendations to engage in unsuitable trading on margin exposed his customers to significant risk, increased costs, and sizeable losses in their accounts. Davis lacked a reasonable basis to believe that using margin in this way was suitable given the customers’ investment objectives, financial situation, and needs. In total, Davis’ customers realized trading losses of $108,016.82 and paid $150,067.15 in costs, commissions, and margin interest for trades executed on margin in their accounts.

There are Recent Customer Complaints with Broker Brian Manning in Firm Morgan Stanley

January 11, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Brian Manning (Manning), currently associated with Morgan Stanley, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Manning recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on April 04, 2023.

In a life insurance broker renewal application form, Mr. Manning failed to list that he was a party in a FINRA customer arbitration proceeding.

Broker Phil Donahue in PFS Investments INC. Firm Has Customer Complaint

January 11, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Phil Donahue (Donahue), currently associated with PFS Investments INC., has at least 4 disclosable events. These events include one customer complaint, 3 regulatory events, alleging that Donahue recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on June 12, 2023.

THE KENTUCKY DEPARTMENT OF INSURANCE TERMINATED MR. DONAHUE’S NON-RESIDENT INSURANCE LICENSE BASED ON VIOLATIONS OF KRS 304.9-140(7) WHICH REQUIRES INSURANCE LICESEES TO MAINTAIN THE APPLICABLE LICENSE IN HIS OR HER HOME STATE IN ORDER TO GOLD A KENTUCKY NON-RESIDENTIAL LICENSE.

Broker Donald Smith in Provident Private Capital Partners, INC. Firm Has Customer Complaint

January 11, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Donald Smith (Smith), previously associated with Provident Private Capital Partners, INC., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Smith recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on March 27, 2023.

Respondent Smith failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

There are Recent Customer Complaints with Broker Jonathan Mayer in Firm Endeavor Capital

January 10, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jonathan Mayer (Mayer), currently associated with Endeavor Capital, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Mayer recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 12, 2024.

Without admitting or denying the findings, Mayer consented to the sanctions and to the entry of findings that he engaged in an OBA without providing his member firm prior written notice and then continued his OBA after the firm rescinded its approval of the activity. The findings stated that Mayer received approximately $90,000 in direct compensation for his outside business consulting work, which included business plan creation, financial modeling, strategic planning, market research, and general business advice. None of Mayer’s outside business activities involved securities or firm customers.

Broker Lilia Nia in Purshe Kaplan Sterling Investments Firm Has Customer Complaint

January 10, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lilia Nia (Nia), previously associated with Purshe Kaplan Sterling Investments, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Nia recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 02, 2023.

Without admitting or denying the findings, Nia consented to the sanctions and to the entry of findings that she effected unauthorized transactions in a community bank account, which was her member firm customer, without obtaining instructions from any person authorized to conduct trading for the bank. The findings stated that Nia accepted orders for the bank’s trading from a firm registered representative who was not authorized to place orders for the bank and permitted him to place orders for the bank. As an advisory board member for the bank, the other representative was not authorized to accept or place securities orders for the bank’s accounts due to the conflict of interest posed by his affiliation with the bank and the firm. The trading effected by Nia, based upon instructions from the other representative, caused the bank to take excessive risk. The trading for the bank generated approximately $1 million in commissions for Nia, more than $370,000 of which she transmitted to the other representative through a series of separate business and financial transactions. Because the firm lacked its own fixed-income trading desk, it was frequently required to use a ‘broker’s broker’ to acquire fixed income securities for the bank, which resulted in it paying approximately $1.25 million in markups to the broker’s broker, in addition to commissions to the firm. As a result of this trading, the bank also spent more than $600,000 to remediate the risk of its investment portfolio.

Broker Eduardo Martinez in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

January 10, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Eduardo Martinez (Martinez), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Martinez recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 22, 2023.

Respondent Martinez failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Broker Michael Capolongo in Network 1 Financial Securities INC. Firm Has Customer Complaint

January 10, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Capolongo (Capolongo), previously associated with Network 1 Financial Securities INC., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Capolongo recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on October 06, 2023.

Respondent Capolongo failed to respond to FINRA requests for information.

Broker Yann Faho in Aegis Capital Corp. Firm Has Customer Complaint

January 10, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Yann Faho (Faho), previously associated with Aegis Capital Corp., has at least 3 disclosable events. These events include 2 customer complaints, one regulatory event, alleging that Faho recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on December 15, 2023.

Without admitting or denying the findings, Faho consented to the sanctions and to the entry of findings that he caused his member firm to maintain incomplete books and records by using his personal mobile phone to communicate via text message with firm customers regarding securities-related business. The findings stated that these text messages included Faho seeking and obtaining authorization to buy and sell stocks, discussion of specific investment recommendations, provision of market updates, and conversations about account performance. Faho’s firm did not capture or maintain these test messages, as it was required to do under the Exchange Act and FINRA Rules.

Broker Felipe Henao Vargas in Insigneo Securities, LLC Firm Has Customer Complaint

January 10, 2026 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Felipe Henao Vargas (Henao Vargas), previously associated with Insigneo Securities, LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Henao Vargas recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on December 19, 2023.

Without admitting or denying the findings, Henao consented to the sanctions and to the entry of findings that he exercised discretion without written authorization in a customer’s account. The findings stated that Henao exercised discretion in a customer’s account by initiating a substantial short position in a volatile exchange-traded note. After the trade went against his customer, Henao closed out the position. Henao did not have written authorization from the customer, or permission from his member firm, to exercise discretion in the account. Henao aggravated his misconduct by using an unapproved communication channel to exchange messages concerning the trades with a family member of the customer after the fact.