Broker Investigation: Arthur Coffey

Arthur Coffey (CRD#: 2553466) is a registered investment broker. Since 2016, Mr. Coffey has been employed at First Standard Financial Company in Miller Place, New York. Previously, this financial advisor had also been associated with Legend Securities (now expelled from the industry) and Tryco Securities.

Last year, a significant investor complaint was filed against Arthur Coffey. Here, our broker negligence lawyers offer an overview of the key facts relevant to this dispute. All information referenced in this post has been sourced directly from FINRA’s public records.

Investor Complaint: Broker Arthur Coffey

In April of 2017, an investor filed a complaint against financial advisor Arthur Coffey. According to the investor, Mr. Coffey promoted unsuitable investments and engaged in unauthorized trading. The alleged misconduct in this case is related to low price securities (also known as penny stocks). The complainant is seeking $3,175,648.68 in compensation. FINRA currently lists the complaint as pending.

For his part, Mr. Coffey is vehemently denying all allegations of misconduct. In a comment submitted to FINRA and posted for public use, Mr. Coffey states that he acquired this customer from another broker. He notes that the investor is accredited and that this investor acknowledged and accepted all risks associated with the private placement investment in question.

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