A Monmouth County investment firm has been fined $800,000 for hiring an unregistered financial advisor, New Jersey authorities said.
The advisor had been barred from the securities industry, according to Acting Attorney General Matthew J. Platkin.
The New Jersey Bureau of Securities took further action against the Atlantic Highlands investment firm by revoking its registrations, Plotkin said.
Acting Bureau Chief Amy G. Kopleton found that Steven Gluckstein and his advisory firm, Seaview Global Advisors LLC, employed Anthony Calascione from approximately 2017 through 2021, and allowed him to solicit clients and provide investment advice.
The Bureau found that Calascione, who currently resides in Staten Island, had acted as an investment adviser representative without registration and the Bureau ordered him to immediately cease and desist from violating the Securities Law. Calascione is also liable to pay civil penalties in the amount of $300,000, Plotkin said.
“Circumventing the law to maximize profits is unlawful, and it comes with serious consequences,” Platkin said in a press statement.
The Bureau cited one client, a divorced woman in her 60s, who lost nearly all her retirement income through unsuitable stocks and options.
Additionally, the Bureau found that Gluckstein, Seaview, and Calascione violated the Securities Law by: failing to make and keep required books and records and failing to safeguard the privacy of clients’ information, among other violations.
Calascione also is the subject of two regulatory actions, three criminal disclosures, and fourteen customer complaints, Plotkin said.
Deputy Attorney General Isabella T. Stempler of the Securities Fraud Prosecution Section in the Division of Law’s Affirmative Civil Enforcement Practice Group is representing the Bureau in this matter. The Bureau’s investigation was handled by Investigators Judith Keilp and Rosemary Gonzalez.
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