Broker-Dealer Profiles

Avenir Financial Group, Inc. (CRD# 148490) (SEC# 8-68031)

Avenir Financial Group, Inc., is a brokerage firm located at 75 Maiden Lane, New York, New York 10038. It was formed in Wyoming in 2010 and registered with the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in 2012.

In April of 2015, FINRA filed a cease and desist order against Avenir, its CEO Michael Clements and registered representative Karim Ibrahim (aka ‘Chris Allen’) for allegedly selling fraudulent promissory notes to elderly investors. During a seven-week period from October to December in 2013, Avenir raised $338,000 from four investors (two of whom were elderly) in separate self-offerings and increased the price of the equity with each offering. At the time, the firm was suspended from operating a securities business due to insufficient regulatory net capital and had a $191,000 margin call to satisfy.

Network 1 Financial Securities, Inc. (CRD# 13577) (SEC# 8-29471)

Network 1 Financial Securities, Inc., is a brokerage firm located at 2 Bridge Avenue, Red Bank, New Jersey, 07701. It was formed in Texas in 1983 and was registered with the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) and the National Association of Securities Dealers on August 17, 1983.

Network 1's FINRA BrokerCheck report lists 13 regulatory events and 2 arbitrations. Most recently, in 2011, Network 1 was censured and fined $12,500 for executing short sales and for failing to report 20 of those transactions as a short sale on the corresponding order ticket.  Network 1 agreed to pay the fine, the payment of which was completed on May 20, 2013, but refused to admit or deny the findings.

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