FINRA Bars seven from Defunct Firm Global Arena Capital Corp. that transferred from other expelled firms | Cold Spring Advisory Group

FINRA Bars seven from Defunct Firm Global Arena Capital Corp. that transferred from other expelled firms

September 15, 2015

The Financial Industry Regulatory Authority (FINRA) announced today that it permanently barred seven former registered representatives from the securities industry after discovering that five of them migrated from one expelled firm to another high-risk firm, known as “cockroaching.”An investigation conducted by the regulator concluded that five of these seven individuals migrated to Global Arena together from HFP Capital Markets when it was expelled in 2014.David Awad, Peter Snetzko, Michael Tannen, James Torres and Alex Wildermuth left HFP when it was expelled after repeated claims of misrepresentations, unsuitable investment recommendations and high-pressure sales tactics. According to FINRA, all five joined Global Arena together, where they continued to employ the same dishonest strategies until that firm closed in July of 2015.In addition, FINRA barred Global Arena president Barbara Desiderio and former firm principals Kevin Hagan and Richard Bohack. Two former registered representatives, Niaz Elmazi (a.k.a. “Nick Morrisey”) and Andrew Marzec were sanctioned for failing to cooperate in the investigation.