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.
Soreide Law Group has filed a FINRA arbitration on behalf of our clients (Claimants) against: CONCORDE INVESTMENTS SERVICES, LLC, and BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC (Respondents). The Claimants are in their late 70s, retired, and according to the lawsuit, were not looking to take any unnecessary risks with their retirement savings. The Claimants […]
THEODORE WILLIAM BYRER (THEODORE W BYRER, TED BYRER) was registered as a broker with MORGAN STANLEY of Indianapolis, Indiana, from 11/11/2013 - 04/20/2023. He was most recently registered with INTERNATIONAL ASSETS ADVISORY, INC of Westfield, Indiana, from 05/09/2023 - 09/17/2024. According to his BrokerCheck CRD report, dated 7/23/2026, THEODORE W BYRER was suspended for 14 […]
MARK LAWRENCE SULLIVAN (MARK SULLIVAN, MARK L SULLIVAN), formerly with UBS Wealth Management USA in New York City, was fined $10,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA) over allegations that he traded in customers’ accounts without the proper approval. Sullivan was previously registered both as a broker and as an […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com