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Carl Cirelli is Facing a FINRA Suspension

Carl Cirelli (CRD #: 6738582), a broker registered with PHX Financial, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on March 5, 2023. Details concerning the dispute are provided below. 

FINRA Suspension 

On December 19, 2023, Carl Cirelli entered into an Acceptance, Waiver, and Consent agreement (AWC) with FINRA in which he consented to the findings that he placed unauthorized trades in a deceased customer’s account. 

As part of the terms of the AWC, Carl Cirelli consented to a one-month suspension and a $5,000 fine. 

You can read a copy of the AWC here. 

Employment Termination 

On December 19, 2023, National Securities Corporation terminated Carl Cirelli for the same allegations. 

What is Unauthorized Trading? 

Unauthorized trading violates FINRA Rule 3260, which limits brokers to engaging in discretionary trading only in pre-authorized accounts. Both the firm and the client must approve an account before discretionary trading can occur.

High Standards of Commercial Honor 

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Unauthorized trading in a deceased client’s account violates this rule. 

Background Information 

Carl Cirelli has passed the following exams:

  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 

He is a registered broker in 24 states and D.C. 

Carl Cirelli has registered with two firms: PHX Financial (CRD #: 144403) and National Securities Corporation (CRD #: 7569). 

Kurta Law Can Help 

If you have worked with Carl Cirelli and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.

 

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