Articles Tagged with Outside Business Activities

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Richard F. DiVenuto.  Mr. DiVenuto was employed and registered with Concept Capital Markets, LLC, a New York broker-dealer, according to his publicly available BrokerCheck, as maintained by the Financial Industry Regulatory Authority (FINRA).

Per his BrokerCheck report, Mr. DiVenuto was previously employed by Morgan Stanley from 2009 to 2013, where he was discharged after the “concerns relating to employee’s involvement with outside company named Myos Corporation (formerly Atlas Therapuetics).”  Prior to his employment and subsequent termination from Morgan Stanley, Mr. DiVenuto was employed by Citigroup Global Markets, Inc. from 1994 to 2009, according to BrokerCheck.

Mr. DiVenuto was permanently barred from association with any FINRA member broker-dealer on April 13, 2016 by FINRA, after submitting a Letter of Acceptance, Waiver and Consent No. 2013036281301 (AWC).  According to the AWC, Mr. DiVenuto violated:

Brokers beware; FINRA is watching your firm, and you.  Becoming embroiled in a regulatory inquiry or investigation can become a major and costly headache and impediment to registered representatives’ business.

In January 2016, the Financial Industry Regulatory Authority (FINRA) released its annual list of priorities, showing what sorts of sweeps they may perform, and investigations they may bring, in the coming year.  brokers working in the securities industry should be aware of the priorities that are relevant to them, including those having to do with sales practice.

FINRA’s 2016 Priorities make clear that they intend a top-down review of the following areas, which may lead to firm-wide or broker specific investigations, including: