March 28, 2016

FINRA Expels New York's Global Arena Capital Corp and Fines Them $1 Million Over Excessive Markups

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The Soreide Law Group (888-760-6552) obtained the following information on FINRA's website under, "Disciplinary and Other FINRA Actions March 2016."

Global Arena Capital Corp (CRD® #16871, New York, New York)
was expelled from FINRA membership, fined $1 million and ordered to disgorge $333,083.26, plus interest.
FINRA's sanctions were based on findings that Global Arena Capital Corp charged customers unfair and unreasonable prices and excessive markups.
FINRA's findings stated that Global Arena Capital Corp bought and sold corporate bonds from other
broker-dealers to sell to its retail customers, charging them markups on the bonds. Global Arena Capital Corp also bought bonds from its retail customers and sold them to other broker-dealers, charging the customers markdowns.
According to the FINRA report, these transactions at issue were riskless principal transactions involving purchases and sales of the same bonds on the same day with firm clients on one or both sides of the transactions. These charges were not fair or reasonably related to the then-current market price of the security, and the prevailing market price was not determined with reference to the cost incurred or the proceeds obtained.
FINRA's findings also stated that Global Arena Capital Corp failed to establish, maintain and enforce a supervisory system, including written supervisory procedures (WSPs),  regarding fair pricing of corporate bond transactions and markups and markdowns.
(FINRA Case #2011026544301)
Soreide Law Group appears before FINRA nationwide.  If you have experienced financial losses due to your broker/dealer's recommendations, call and speak to a lawyer at no cost to determine the possibility of recovering your losses at:  888-760-6552.
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