Douglas Blake Solinsky (CRD #4715268, Cortlandt, New York)

June 29, 2023 – An AWC was issued in which Solinsky was fined $10,000, suspended from association with any FINRA member in all capacities for four months and ordered to pay $27,622, plus interest, in restitution to customers. Without admitting or denying the findings, Solinsky consented to the sanctions and to the entry of findings that he excessively and unsuitably traded two customer accounts. The findings stated that a 71-year-old customer routinely followed Solinsky’s recommendations. Although the customer’s account had an average month-end equity of approximately $64,750 for 12 months, Solinsky recommended purchases with a total principal value of approximately $601,000, which resulted in an annualized turnover rate in the account just over nine. This trading resulted in an annualized cost-to-equity ratio of just over 26 percent—meaning the customer’s investments had to grow by more than 26 percent just to break even. As a result of Solinsky’s unsuitable recommendations, the customer paid $16,593 in commissions and fees. Furthermore, a married couple, a 63-year-old plumber and a 63-year-old teacher’s assistant, routinely followed Solinsky’s recommendations for their account. Although the married couple’s account had an average month-end equity of approximately $38,700 for 12 months, Solinsky recommended purchases with a total principal value of approximately $364,000, which resulted in an annualized turnover rate in the account over nine. This trading resulted in an annualized costto-equity ratio of 29.25 percent—meaning the married couple’s investments had to grow by 29.25 percent just to break even. As a result of Solinsky’s unsuitable recommendations, the married couple paid $11,029 in commissions and fees. The suspension is in effect from July 17, 2023, through November 16, 2023. (FINRA Case #2019064511203)