Carl Antaki Suspended Following Allegations of Excessive Trading
Carl Antaki (CRD #: 4177543), a broker registered with Network 1 Financial Securities, has consented to withdraw his broker registration in Maryland, according to his BrokerCheck record, accessed on August 2, 2021. This is his second regulatory action this year.
On July 20, 2021, Carl Antaki consented to withdraw his registration in Maryland following allegations that he excessively traded securities in a customer’s account.
These allegations resulted in an Acceptance, Waiver, and Consent agreement (AWC), dated May 20, 2021. To determine if excessive trading has occurred, FINRA measures the cost-to-equity ratio, i.e., how much money a portfolio must generate to cover the cost of commissions and fees. FINRA generally defines excessive trading as having a cost-to-equity ratio of more than 20%. Antaki recommended trades that ended up with a cost-to-equity ratio of 30%. This means that the account would have to grow by more than 30% to simply break even.
In total, the customer paid $22,865 in fees.
As part of the terms of the AWC, Antaki had to pay a restitution fee of $22,865 as well as a fine of $5,000. He also consented to a three-month suspension. You can read a copy of the AWC here.
Settled Investor Disputes
There are two other investor disputes that allege Carl Antaki abused commissions. These collectively settled for $71,250.
Carl Antaki Settled Investor Disputes
Antaki has passed the following exams.
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
After withdrawing his registration in Maryland, he still is a registered broker in 28 states.
Carl Antaki has worked with the following firms:
- Network 1 Financial Securities (CRD #: 13577)
- First Standard Financial Company (CRD #: 168340)
- Rockwell Global Capital (CRD #: 142485)
- Empire Financial Group (CRD #: 28759)
- Ehrenkrantz King Nussbaum (CRD #: 113525)
- Ehrenkrantz King Nussbaum (CRD #: 31140)
- Weatherly Securities Corporation (CRD #: 11081)
Kurta Law Can Help
If you worked with Carl Antaki and you have concerns about your investments, contact Kurta Law today. Call 212-658-1502 or email email@example.com.