How to Bring a Claim Against PlanMember Securities Corporation Broker Raymond Menna
Posted on Monday, February 12th, 2018 at 12:22 pm
Were you the victim of former PlanMember Securities Corporation broker Raymond Menna (CRD# 1918097) who is alleged to engage in unauthorized trading, unsuitable investments, and other securities violations? Previously, Menna was registered with PlanMember Securities Corporation in Farmingville, New York from 2010 to 2019. Menna has been registered with Verity Investments, Inc. in Ronkonkoma, New York since 2020.
In January 2021, the Massachusetts Securities Division sanctioned Menna to a 45-day suspension, a $5,000 fine, as well as three years of heightened supervision, which “provides that all sales of securities to Menna’s Massachusetts customers will be reviewed for suitability and approved by a supervisor prior to execution, and requires a quarterly written statement from Menna to his supervisor indicating Menna has not shared in any profits or losses in a customer’s account, has not provided funds to any customer or customer accounts, and has provided accurate answers to any compliance questionnaires.”
In August 2018, FINRA sanctioned Menna to a $5,000 civil and administrative penalty and fine and suspended him for 45 days after he, “consented to the sanctions and to the entry of findings that he improperly shared in the losses of a customer. The findings stated that the value of the account of one of Menna’s customers declined to zero as a result of customer withdrawals and trading losses. Menna informed his customer that he would give the customer money on a monthly basis because the customer’s account had declined in value to zero. Menna made monthly cash payments to the customer. In total, Menna paid the customer approximately $15,000. Menna did not obtain prior written authorization from his member firm or the customer to make such payments, nor had Menna or the firm financially contributed to the customer’s brokerage account. The findings also stated that Menna provided misleading or inaccurate answers to his firm on compliance questionnaires. Menna electronically completed his firm’s annual compliance questionnaires and on each questionnaire, he inaccurately answered that he had not shared in any profits or losses in a customer’s account.”
Menna has been the subject of two customer complaints between 2008 and 2017, one of which was denied, according to his CRD report:
November 2017. “[customer]alleges that Mr. Menna engaged in practices including unauthorized trading, unsuitable investing, misrepresentation and material omissions.” The customer sought $1 million in damages and the case was settled for $260,000.
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, PlanMember Securities Corporation may be liable for investment or other losses suffered by Menna’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.