The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.
All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.
See the FINRA website for current and historical disciplinary actions.
Carlos Mark Silva (CRD #5913918, Registered Representative, Bridgeport, Connecticut) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Silva consented to the described sanction and to the entry of findings that while serving as a bookkeeper for his member firm, he converted approximately $1.4 million belonging to his firm.
The findings stated that as a bookkeeper, Silva had access to the
firm’s accounting system and was responsible for, among other things, processing vendor and expense payments. Silva prepared checks payable to vendors for goods and services the firm provided, which were signed by a firm principal. Silva discarded the checks and issued new checks payable to himself for the same amount. To avoid detection, Silva accessed the firm’s accounting system and replaced the vendor check number with the check number of the check made payable to himself. Silva converted more than $456,000 through this method. Silva issued checks payable to himself totaling more than $333,000 by entering the name of another firm employee as the payee for the check in the firm’s accounting system.
Silva issued checks totaling over $52,000 to an alias and issued checks totaling at least $587,000 to firm employees and vendors which were endorsed and deposited into accounts of third parties associated with Silva. Silva forged the signatures of the firm’s principals on the checks. The findings also stated that Silva’s altered records in the firm’s accounting system, causing the firm to maintain inaccurate books and records. (FINRA Case #2013036062401)
According to FINRA records, Silva is not currently registered. He was previously registered with the following firm:
Fator Securities, LLC
According to the company website, Fator Securities is a member of the Fator group of companies in Brazil, which include Banco Fator and Fator Corretora
Rex Securities Law , located in Boca Raton, FL, 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.
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