- November 28, 2022
- Network 1 Financial Securities
Christopher Polinaire (CRD#: 4330879) is a previously registered Broker.
He entered the securities industry in 2004 and previously worked for Network 1 Financial Securities, Inc.; Arive Capital Markets; First Standard Financial Company, LLC; Rockwell Global Capital, LLC; Salomon Whitney, LLC; CBG Financial Group, Inc.; Dalton Strategic Investment Services, Inc.; First Midwest Securities, Inc.; Cape Securities, Inc.; Avalon Partners, Inc.; Liberty Partners Financial Services, LLC; American Capital Partners, LLC; America’s Choice Equities, LLC; J.P. Turner & Company, LLC; Milestone Financial Services, Inc.; and LH Ross & Company, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in November 2022, FINRA sanctioned Christopher Polinaire with a civil and administrative penalty/fine of $7,500, restitution of $128,000, and suspension from all capacities for eight months beginning November 7, 2022 and ending July 6, 2023.
The FINRA sanction states, “Without admitting or denying the findings, Polinaire consented to the sanctions and to the entry of findings that he engaged in excessive and unsuitable trading in customer accounts. The findings stated that Polinaire recommended that his customers place trades in their accounts, some of which were executed using margin, and the customers routinely accepted his recommendations. Polinaire’s trading resulted in annual turnover rates ranging from 10.01 to 45.23 and annualized cost-to-equity ratios ranging from 35.65 percent to 152.56 percent. In total, the customers paid a combined $128,000 in commissions and fees based on the trades Polinaire recommended.”
For a copy of the FINRA sanction, click here.
In addition, Christopher Polinaire has been the subject of four disclosures, including the following:
- August 2015 — A civil judgment/lien in the amount of $10,581.76 was levied against Christopher Polinaire.
- July 2007 — A civil judgment/lien in the amount of $1,082 was levied against Christopher Polinaire.
- January 2007 — A civil judgment/lien in the amount of $623 was levied against Christopher Polinaire.
- November 2004 — A civil judgment/lien in the amount of $3,355.37 was levied against Christopher Polinaire.
For a copy of Christopher Polinaire’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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