National investment fraud lawyers KlaymanToskes is investigating Arive Capital Markets, LLC, after the firm entered into a Letter of Acceptance, Waive, and Consent (“AWC”) with FINRA on March 26th, 2020. According to the AWC’s allegations, the firm failed to develop and implement an anti-money laundering program (“AMLCP”) “reasonably designed to achieve and monitor the firm’s compliance with requirements of the Bank Secrecy Act and the implementing regulations thereunder”. Arive also failed to conduct annual independent testing (on a calendar-year basis) of its AMLCP in 2015 and 2016.
According to Arive Capital’s Brokercheck, 51 out of its 80 previously registered representatives have FINRA public disclosures against them. This is equal to approximately 63% of the firm’s previously registered representatives. Arive has also been previously associated with at least eight barred brokers.
KlaymanToskes encourages investors who did business with Arive Capital Markets LLC, and/or any of the brokers listed below to review their portfolios for signs of broker misconduct and/or investment losses. Contact Lawrence L. Klayman, Esq., at 888-997-9956, or lklayman@klaymantoskes.com to discuss your potential case.
| REPRESENTATIVE NAME CRD# |
# OF DISCLOSURES/ STATUS |
NOTABLE DISCLOSURES | DATES AT ARIVE & LOCATION |
PRIOR/CURRENT REGISTRATIONS |
| Thomas Francis Sullivan (CRD# 1145000) |
3 disclosures; Currently Registered with Arive CFO/FINOP In Staten Island, |
1. Regulatory- AWC Sanctions, $5,000 fine and one month suspension 2. Client alleges failure to supervise |
2015 – Present Staten Island, NY |
Alexander Capital, L.P. |
| Donald Will Mercurio (CRD# 722354) |
7 disclosures;
Currently registered with Trustmont Financial Group In Forest Hills, NY |
1. Regulatory- Sanctions, Censured and Suspended
2. Client alleges unsuitable investments 3. Client alleges unauthorized trading (Pending) |
2013 – 2021
Forest Hills, |
Alexander Capital, L.P. (2021) New York, NY |
| Daniel Louis Silverstein (CRD# 4772971) |
5 disclosures;
Previously Registered |
1. Client alleges churning or excessive activity, unauthorized trading, and breach of fiduciary duty (Settled for $70,000)
2. 3 unsatisfied tax liens |
2018 – 2021
North Miami Beach, FL |
Primex (2011-2018) Miami, FL |
| Donald Blatch Johns (CRD# 4566047) |
2 disclosures;
Currently Registered with SW Financial In Melbourne Beach, FL |
1. Client alleges unsuitable recommendations, excessive trading, negligent misrepresentations, and breach of fiduciary duty (Settled for $41, 250) | 2019 – 2020
North Miami Beach, FL |
Westpark Capital Inc. (2016-2019) Fort Lauderdale, FLWoodstock Financial Group (2016) Boca Raton, FL |
| Micheal Dennis Salerno (CRD# 4527806) |
4 disclosures;
Currently registered with Arive In Staten Island, NY |
1. Client alleges unsuitable recommendations and churning (Settled for $31, 875)2. Client alleges unsuitability (Settled for $10,000) |
2015 – Present
Staten Island, NY |
J.P. Turner & Company, LLC (2006 – 2015) Brooklyn, NY |
Arive Capital Markets (CRD#8060), previously known as Reid & Gilmour, Reid and Associates, and Reid and Associates, LLC, is Headquartered in Brooklyn, NY. The firm has three additional NY branches in the cities of Staten Island, Forest Hills, and Ronkonkoma, as well as a branch in North Miami Beach, FL. It provides wealth management services to retail customers, dealing primarily with equity transactions, and is a broker of public non-traded and exchange-traded Real Estate Investment Trusts (REITS).
Investors that suffered significant losses at the advice of Arive Capital Markets or their advisors are encouraged to immediately contact Lawrence L. Klayman, Esq., at 888-997-9956, or lklayman@klaymantoskes.com to discuss their recovery options.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com