Investigation of First Standard Financial Company LLC Financial Advisor Roy Failla
Posted on Wednesday, October 3rd, 2018 at 4:43 pm
Former First Standard Financial Company LLC broker Roy Failla (CRD# 2786551) is accused of unauthorized trading and unsuitable investments. Failla has been registered with Arive Capital Markets in Staten Island, New York since 2019.
In January 2021, the New Jersey Bureau of Securities suspended Failla for 45 days and sanctioned him to pay $15,000 in a civil and administrative penalty and fine regarding allegations that he engaged in dishonest or unethical practices in the securities business.
Failla was registered with First Standard Financial Company LLC in Red Bank, New Jersey from 2014 to 2019.
Failla has been the subject of five customer complaints between 2010 and 2021, according to his CRD report. The most recent complaint is regarding:
June 2021. “Unsuitable Options Strategy, Excessive commissions 11/2017-12/2019.” The customer is seeking $245,511.94 in damages. The complaint was regarding common and preferred stocks and options and took place while Failla was registered with First Standard Financial Company LLC.
May 2021. “Unsuitable transactions.” The customer is seeking $147,000 in damages. The complaint was regarding common and preferred stocks and options and took place while Failla was registered with First Standard Financial Company LLC.
May 2018. “Client is alleging unauthorized trading and unsuitable investments.” The customer sought $1.5 million in damages and the case was settled for $200,000. This case was regarding common and preferred stocks.
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 Standard Financial Company LLC may be liable for investment or other losses suffered by Failla’s customers.
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