Michael Coyne Suspended by NYSE and NYSE American

Michael Coyne (CRD #: 6456093), a broker registered with Benjamin Securities, has been suspended by two securities exchanges, according to his BrokerCheck record, accessed on March 25, 2025. Keep reading to learn more about his alleged conduct as a broker.

Suspensions by NYSE and NYSE American

On February 19, 2025, Michael Coyne entered into Letters of Acceptance, Waiver & Consent (AWCs) with the New York Stock Exchange and with NYSE American.

In these AWCs, Michael Coyne consented to the entry of findings that he allegedly purchased special purpose acquisition company (“SPAC”) securities for his firm’s customers without taking into account the potential conflicts of interest.

He allegedly facilitated the purchase of these SPAC securities at least partially in order to help these companies (“SPAC Clients”) meet the listing requirements for multiple exchanges, which require listed companies to have a minimum number of shareholders.

This allegedly created a potential conflict of interest for his firm, which had a duty to act in the best interests of its brokerage customers and also to provide shareholder services to its SPAC Clients.

The AWCs further allege that Michael Coyne:

• Frequently purchased the exact number of shares needed by SPAC Clients to fulfill exchange listing requirements
• Failed to solicit certain customers for SPAC securities trades
• Mismarked certain trades as solicited when they were unsolicited
• Failed to sufficiently inform brokerage customers that SPAC securities had been bought or sold in their accounts
• Requested that the firm add funds to the accounts of certain new and existing customers as part of a SPAC incentive program, which would frequently be used to purchase SPAC securities
• Provided inaccurate certifications related to SPAC shareholder accounts to exchanges like the NYSE and NYSE American

Lastly, the AWCs allege that Michael Coyne’s compensation was influenced by the success of the SPAC services provided to SPAC Clients.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Sanctions

In the AWC with the NYSE, Michael Coyne consented to the following sanctions:

• Censure
• $100,000 fine
• Suspension from associating with any NYSE member or member organization

In the AWC with NYSE American, Michael Coyne consented to the following sanctions:

• Censure
• $100,000 fine
• Suspension from associating with any NYSE American member or member organization

Both suspensions began on February 19, 2025, and will end on August 18, 2025.

Background Information

Michael Coyne has passed the following exams:

• General Securities Principal Examination – Series 24
• Securities Industry Essentials Examination – SIE
• Investment Banking Registered Representative Examination – Series 79
• General Securities Representative Examination – Series 7
• Uniform Securities Agent State Law Examination – Series 63

Michael Coyne is a registered broker in 27 states.

He has also worked for Ingalls & Snyder (CRD#:2288) and CAIS Capital (CRD#:154512).

Kurta Law Can Help

If you worked with Michael Coyne and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.