Network 1 Financial Securities Inc.

Broker Charles Malico in Network 1 Financial Securities INC. Firm Has Customer Complaint

November 4, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Charles Malico (Malico), previously associated with Network 1 Financial Securities INC., has been subject to at least 3 disclosable events. These events include 2 customer complaints, one regulatory event. Several of those complaints against Malico concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on October 11, 2022.

Without admitting or denying the findings, Malico consented to the sanctions and to the entry of findings that he willfully violated the Best Interest Obligation under Rule 15l-1 of the Securities Exchange Act of 1934 (Regulation Best Interest or Reg BI) by recommending a series of transactions in a retail customer’s account that was excessive in light of the customer’s investment profile. The findings stated that the trades that Malico recommended in the customer’s account resulted in an annualized cost-to-equity ratio exceeding 158 percent – meaning that the customer’s account would have had to grow by more than 158 percent annually just to break even. Malico’s recommendations caused the customer to pay more than $54,000 in commissions and other trading costs, and made it virtually impossible for the customer to realize a profit. In fact, the customer lost more than $17,500 as a result of Malico’s recommendations.

Broker Sean Mccabe in Network 1 Financial Securities INC. Firm Has Customer Complaint

October 15, 2025 | by Staff Attorney

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

FINRA BrokerCheck shows a pending customer complaint with a damage request of $162,000.00 on July 11, 2025.

Misrepresentation, omission of facts, negligence

Broker Peter Viglione in Network 1 Financial Securities INC. Firm Has Customer Complaint

October 5, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Peter Viglione (Viglione), currently associated with Network 1 Financial Securities INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Viglione concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $334,000.00 on October 26, 2022.

Client alleges excessive trading, excessive commissions and unauthorized trading from 2015-2018

There are Recent Customer Complaints with Broker Steven Thompson in Firm Network 1 Financial Securities INC.

September 1, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Steven Thompson (Thompson), previously associated with Network 1 Financial Securities INC., has been subject to at least one disclosable event. These events include one regulatory event. Several of those complaints against Thompson concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on May 30, 2023.

Respondent Thompson failed to respond to FINRA requests for information.

Broker James Maurer in Network 1 Financial Securities INC. Firm Has Customer Complaint

August 6, 2025 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that Broker James Maurer (Maurer) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Maurer was employed by Network 1 Financial Securities INC. at the time of the activity. If you have been a victim of Maurer’s alleged misconduct our firm may be able to assist you in recovering funds.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $50,000.00 on April 09, 2025.

Breach of Fiduciary Duty, Unsuitable Recommendations, Misappropriation of Funds

There are Recent Customer Complaints with Broker Joseph Todaro in Firm Network 1 Financial Securities Inc.

April 7, 2025 | by Staff Attorney

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

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

Respondent Todaro 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 Molinaro in Network 1 Financial Securities Inc. Firm Has Customer Complaint

March 25, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Molinaro (Molinaro), currently associated with Network 1 Financial Securities Inc., has at least 2 disclosable events. These events include 2 tax liens, alleging that Molinaro recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on March 04, 2025.

Without admitting or denying the findings, the firm and Molinaro consented to the sanction and to the entry of findings that they developed and implemented an AML compliance program (AMLCP) that was not reasonably designed to achieve compliance with the requirements of the Bank Secrecy Act (BSA) and its implementing regulations. The findings stated that the firm’s Customer Identification Program (CIP) was not reasonably designed to verify the identity of foreign customers opening accounts at the firm who did not appear in person at the firm or to reasonably verify the identity of many customers who opened accounts to invest in initial public offerings (IPOs) for small-cap issuers. In addition, the firm and Molinaro did not establish and implement policies and procedures that could be reasonably expected to detect and cause the reporting of suspicious transactions concerning the firm’s investment banking business. As a result of these deficiencies, the firm did not detect or reasonably investigate AML red flags across multiple areas of its investment banking business. Molinaro was designated as the firm’s AMLCO and was responsible for all aspects of its AML program. Despite having knowledge of the AML red flags, Molinaro never conducted an AML investigation concerning any of this activity.

There are Recent Customer Complaints with Broker Sean Mccabe in Firm Network 1 Financial Securities Inc.

February 21, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Sean Mccabe (Mccabe), currently associated with Network 1 Financial Securities Inc., has at least 3 disclosable events. These events include 2 customer complaints, one regulatory, alleging that Mccabe recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on December 11, 2024.

Without admitting or denying the findings, McCabe consented to the sanctions and to the entry of findings that he excessively and unsuitably traded a customer’s account. The findings stated that McCabe recommended high frequency in-and-out trading to the customer, including recommending that the customer sell a position he had recently opened even when the price of the security had not materially changed. The customer, a dairy farmer in his late fifties with a speculative risk tolerance, relied on McCabe’s advice and routinely followed his recommendations. As a result, McCabe exercised de facto control over the customer’s account. McCabe’s trading in the customer’s account generated $19,275 in commissions and caused $57,445 in realized losses.