David Mitchell Elias, of DME SECURITIES, Barred by FINRA

Soreide Law Group, obtained the following information from FINRA’s April 2018 Disciplinary Report: 
David Mitchell Elias (CRD #4209235, Parkland, Florida)
was barred by FINRA for allegedly operating his member firm, DME SECURITIES in New York, NY, while it was in a net capital deficiency.
FINRA’s findings stated that David Mitchell Elias was sole owner, control person, and chief compliance officer of DME SECURITIES and was aware the firm repeatedly conducted a securities business while in a net capital deficiency.
FINRA cited DME SECURITIES for net capital deficiencies in an examination report.
Elias repeatedly conducted a securities business through DME SECURITIES while in a net capital deficiency. The firm continued filing FOCUS reports showing net capital deficiencies through the termination of its registration.  Also, FINRA’s findings stated that Elias made  withdrawals that were not permitted totaling $35,000, in willful violation of Section 15(c) of the Exchange Act and Rule 15c3-1(e)(2).
FINRA’s findings also included that David Mitchell Elias failed to supervise a floor clerk who was subject to a plan of heightened supervision because he was subject to statutory disqualification. Elias failed to adequately supervise, or ensure adequate supervision of, the floor clerk. Elias failed to review the floor clerk’s email correspondence as required by the heightened supervisory plan and Elias never informed the interim supervisor about his potential role in the clerk’s heightened supervision.
FINRA found that Elias failed to appear and continue providing testimony for a FINRA on-the-record testimony during the investigation of his violations.
(FINRA Case #2014039444404)
According to FINRA’s BrokerCheck, which is available online to the public, David Mitchell Elias, has 3 Disclosures on his report.  FINRA has barred David Elias from acting as a broker or otherwise associating with a broker-dealer firm. Elias had been in the securities industry for 14 years and was listed with the following firm:
11/23/2001 - 04/14/2016 DME SECURITIES LLC - NEW YORK, NY 
If you’ve experienced losses due to the actions or recommendations of David Mitchell Elias and/or DME SECURITIES, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents our clients nationally before FINRA.  There is no fee to you if no recovery.