Former First Financial Equity Corporation broker Daniel Levine (CRD# 2874319) was barred by FINRA and the SEC regarding his participation in the offering of a penny stock. Levine was registered with First Financial Equity Corporation in Greenwood Village, Colorado from July to August 2018, when he was terminated regarding, “Failure to disclose a regulatory inquiry to the firm.” Previously, Levine was registered with Morgan Stanley in Greenwood Village, Colorado from 2013 to 2018, when he was terminated regarding, “Allegations concerning activities by representative related to possible, unapproved outside activity.”
In September 2019, the Securities and Exchange Commission (SEC) barred Levine regarding his participation in the offering of a penny stock.
In March 2019, the Colorado Division of Securities barred Levine regarding his participation “in an investment scheme that offered significant returns to investors through an over-the-counter sale of discounted bitcoin effectuated by Levine’s brother and an alleged large bitcoin holder in Europe. The bitcoin opportunity was offered to brokerage clients, investment advisory clients, and others. Levine failed to disclose to investors that his brother had a criminal history and had been living outside of the United States, as a fugitive, since at least 2005. Levine did not admit or deny any of the allegations contained in the Stipulation or Consent Order.”
In January 2019, FINRA barred Levine after he “consented to the sanction and to the entry of findings that he failed to provide FINRA with requested documents and information in connection with its investigation into allegations that he engaged in undisclosed outside business activities, solicited a senior firm customer to borrow funds for an outside business activity, and executed unauthorized trades, among other alleged conduct.”
Levine has been the subject of two customer complaints between 2018 and 2019, one of which was closed without action, according to his CRD report:
- February 2021. “Claimant alleges, inter alia, unsuitable equity trading and selling away 2013-2015.” The customer is seeking $100,000 in damages in this pending complaint. The complaint was regarding equity OTC and direct investments.
- September 2019. “Client’s attorney alleged, inter alia, FA solicited outside investment opportunity not authorized by the firm – June 2018 thru December 2018.” The customer is seeking $250,000 in damages and the case is currently pending. The complaint was regarding common and preferred stocks and it took place while Levine was registered with First Financial Equity Corporation.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, First Financial Equity Corporation may be liable for investment or other losses suffered by Levine’s customers.
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