APRIL 2017 UPDATE–Daniel L. Silverstein , a broker with Primex in Miami, FL, discloses that in currently pending FINRA Case 16-02252 a customer of Primex alleges damages of $431,000 for churning, excessive activity, unauthorized trading, breach of fiduciary duty and margin credit extension.
ORIGINAL POST –July 2016- Miami, Florida
The FINRA records of Daniel L. Silverstein , a stockbroker currently employed by Primex ( aka Primex Prime Electronic Execution, Inc.) disclose 1 prior regulatory event, 1 pending investigation , and 2 outstanding judgment/liens.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Silverstein disclosed in February 2016 that he is the subject of a currently pending FINRA investigation for potential violations of FINRA Rules 2010, 1122, 8210 and NASD Rule 103 (a).
FINRA Rule 2010 states: “A member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”
FINRA Rule 1122 states that “No member or person associated with a member shall file with FINRA information with respect to membership or registration which is incomplete or inaccurate so as to be misleading, or which could in any way tend to mislead, or fail to correct such filing after notice thereof.”
FINRA Rule 8210, which can be accessed in its entirety here, is entitled “Provision of Information and Testimony and Inspection and Copying of Books. ”
The two currently outstanding and unsatisfied liens disclosed by Silverstein are tax liens filed at the Dade County Courthouse in favor of the Internal Revenue Service in the amounts of $12,836.90 and $76,040.43.
Silverstein has been employed by Primex since 10/2011. Prior to that he was employed by Basis Financial LLC, a firm that was expelled by FINRA in 9/2012. Before that he was employed by GWN Securities.
If you have questions about an account handled by Daniel L. Silverstein, call to discuss your options.
Churning & The Looper Formula
The Looper turnover rate calculates the dollar amount of purchases during a time period divided by the average account equity annualized. The 2-4-6 ‘rule of thumb’ turnover rate is often used to generally analyze trading:
- Twice a year is ‘suggestive’ of excessive trading
- Four times a year is ‘indicative’ of excessive trading
- Six times a year turnover is ‘conclusive’ of excessive trading
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Rex Securities Law
Florida-561 391 1900