Corinthian Partners, L.L.C. broker Richard (NMN) Calabrese Mr (CRD# 1549013) is accused of failure to supervise. He has been registered with Corinthian Partners, L.L.C. in New York, New York, since 1996.
In March 2019, FINRA sanctioned him to a suspension of any principal role capacity for 30 days and to pay a $10,000 civil and administrative penalty and fine after he consented to the sanctions and to the entry of findings that he “failed to establish, maintain and enforce a reasonably designed supervisory system, including WSPs, regarding the sale of Non-Traditional Exchange Traded Products (NT-ETPs) to member firm customers’.” FINRA found that as chief compliance officer (CCO) and chief executive officer (CEO) of Corinthian Partners, L.L.C., he and the firm were “jointly responsible for directly supervising the firm’s sole registered representative who sold NT-ETPs to customers.” The complaint alleges that he recommended clients “invest almost exclusively in NT-ETPs and hold the positions for extended periods. The trading involved different leveraged or inverse NT-ETPs, with approximately $279 million in purchases and $275 million in sales, and generated approximately $890,000 in commissions, which represented a significant portion of the firm’s revenue. Despite this activity, the firm failed to have reasonable policies and procedures that provided meaningful customer eligibility standards for NT-ETP recommendations and failed to ensure that new account documentation was complete and accurate.”
Richard (NMN) Calabrese Mr Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
November 2023. “Failure to supervise.” The customer is seeking $9,937,000 in damages, and the case is currently pending.
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, Corinthian Partners, L.L.C. may be liable for investment or other losses suffered by Richard (NMN) Calabrese Mr’s customers.
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