Broker Barred by FINRA for Misappropriation of $1.4 million

The following information was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, July, 2013,” by Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552.

Carlos Mark Silva (CRD #5913918, Registered Representative, Bridgeport, Connecticut)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Silva consented to the described sanction and to the entry of findings that while serving as a bookkeeper for his member firm, he converted approximately $1.4 million belonging to his firm. The findings stated that as a bookkeeper, Silva had access to the firm’s accounting system and was responsible for, among other things, processing vendor and expense payments. Silva prepared checks payable to vendors for goods and services the firm provided, which were signed by a firm principal. Silva discarded the checks and issued new checks payable to himself for the same amount. To avoid detection, Silva accessed the firm’s accounting system and replaced the vendor check number with the check number of the check made payable to himself. Silva converted more than $456,000 through this method. Silva issued checks payable to himself totaling more than $333,000 by entering the name of another firm employee as the payee for the check in the firm’s accounting system. Silva issued checks totaling over $52,000 to an alias and issued checks totaling at least $587,000 to firm employees and vendors which were endorsed and deposited into accounts of third parties associated with Silva. Silva forged the signatures of the firm’s principals on the checks. The findings also stated that Silva’s altered records in the firm’s accounting system, causing the firm to maintain inaccurate books and records. (FINRA Case #2013036062401)

According to FINRA's BrokerCheck, Carlos M. Silva was previously registered with FINRA at the following brokerage firm:

FATOR SECURITIES LLC
CRD# 142008
NEW YORK, NY
08/2012 - 02/2013

This ends the information obtained on FINRA’s website.

If you’ve experienced investment losses due to your stock broker/financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses: 888-760-6552.