FINRA suspends Ellen Marie Scambia (CRD #1320993, Harrison, New York)
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It often takes large losses for an investor to consider suing his or her stockbroker or financial advisor. However, experienced FINRA arbitration attorneys know that investors may have a claim even if their portfolio realized modest gains. In evaluating a potential...read more
March 6, 2018 – A Letter of Acceptance, Waiver and Consent (AWC) was issued in which Scambia was assessed a deferred fine of $5,000, suspended from association with any FINRA member firm in a Financial and Operations Principal (FinOp) capacity for 20 business days and required to requalify by examination for the Series 27 license before again acting in a FinOp capacity. Without admitting or denying the findings, Scambia consented to the sanctions and to the entry of findings that she permitted her member firm to conduct a securities business while below its net capital requirement. The findings stated that as the firm’s FinOp, Scambia failed to accurately compute its net capital by including non-allowable assets in the firm’s net capital calculation, by failing to apply blockage charges to positions that were in excess of the most recent four-week trading volume, and by failing to take collateral deficiency deductions for two secured demand note contracts. Scambia inaccurately overstated the firm’s net capital by amounts ranging from approximately $368,000 to approximately $750,000, and failed to recognize that the firm was maintaining net capital that was as much as $683,000 below its regulatory minimum net capital requirement of $250,000. As a result of Scambia’s failure to compute the firm’s net capital accurately, she caused the firm to maintain inaccurate books and records regarding its net capital, and signed and filed nine inaccurate FOCUS reports on the firm’s behalf. The suspension was in effect from March 19, 2018, through April 16, 2018. (FINRA Case #2015044865502). If you or someone you know has lost money investing with Ellen Scambia, call the experienced attorneys at Epperson & Greenidge at 877-445-9261 for a free consultation. You may be eligible to recoup your losses. Epperson & Greenidge accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-445-9261 now to speak to an attorney for free.