Ernesto Chavez (CRD: 4315877) faces a new pending claim on BrokerCheck over an investment made in 2018. The customer alleges $180,000 in damages, and no arbitrator has ruled on the claim.
Soreide Law Group has filed a FINRA arbitration against:
NETWORK 1 FINANCIAL SECURITIES, INC (Respondent)
The Claimant (our client) resides in Pennsylvania. The lawsuit states that in 2019, the Claimant received a cold call from Charles Vincent Malico, who has been a registered representative of NETWORK 1 FINANCIAL SECURITIES since 2016. Malico is not named in the lawsuit.
According to the lawsuit, the Claimant was looking for growth and he spoke to Malico frequently by phone. According to the lawsuit, in the short time that the Claimant had been doing business with NETWORK 1 FINANCIAL SECURITIES and Malico, it’s alleged that 297 trades were placed in 237 business days for a total of $39,149 in commission and fees since January 2021 alone.
The lawsuit alleges the Claimant’s account was on margin and placed in small and micro cap stocks. In 2021, the Claimant lost approximately $65,000 while NETWORK 1 FINANCIAL SECURITIES and their registered representative, profited approximately $40,000 in commission and interest, according to the lawsuit.
The lawsuit claims that the Claimant has suffered losses of approximately $65,000.00, and is claiming: negligence, breach of fiduciary duty, and negligent supervision.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Charles Vincent Malico has been in the securities industry for 34 years and has been with 21 firms. Five of those firms have been expelled from the securities industry by FINRA. Malico has 9 disclosures on his FINRA CRD report, 6 of the disclosures are “Customer Disputes.”
The significance of Malico’s 6 reported customer complaints is underscored in FINRA’s NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words, Malico’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.
Currently, Charles Vincent Malico is registered since 6/8/2016 with:
NETWORK 1 FINANCIAL SECURITIES INC.
33 Walt Whitman Road Suite 231
Huntingon Station, NY 11746
Soreide Law Group published the following post on our blog on November 19, 2021:
https://www.securitieslawyer.com/charles-vincent-malico/
If you have experienced financial losses due to the actions or recommendations of NETWORK 1 FINANCIAL SECURITIES INC. of Huntington Station, New York, and/or broker, Charles Vincent Malico, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.
Ernesto Chavez (CRD: 4315877) faces a new pending claim on BrokerCheck over an investment made in 2018. The customer alleges $180,000 in damages, and no arbitrator has ruled on the claim.
William Tunink (CRD: 2738224) settled a customer claim for $299,000 on August 11, 2026, according to his BrokerCheck report. The customer alleged that he obtained loans from the customer, and that some of the money went into an investment.
Tony Barouti (CRD: 3031995) faces a pending $230,400 customer claim, according to his BrokerCheck report. He says the allegations in it are false. His report also lists SEC administrative and cease-and-desist proceedings from August 2025.
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