Lon Charles Faccini Jr. (CRD #2736849, Manorville, New York)

An AWC was issued in which Lon Charles Faccini Jr. (CRD #2736849) was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacities for six months, and ordered to pay $18,770, plus interest, in deferred restitution to a customer. Faccini has separately settled an arbitration claim filed by the other customer agreeing to pay that customer restitution for his unsuitable securities recommendations. Without admitting or denying the findings, Faccini consented to the sanctions and to the entry of findings that he engaged in excessive and unsuitable trading, including using margin, in customers’ accounts. The findings stated that Lon Charles Faccini Jr. recommended that the customers place trades in their accounts, most of which were executed using margin for one of the customers and all were executed using margin for the other customer. Both customers routinely accepted Faccini’s recommendations. Although the customer’s account had an average month-end equity of approximately $116,900 for 19 months, Faccini recommended purchases with a total principal value of approximately $2,410,300, which resulted in an annualized turnover rate in the account just over 13. As a result of Faccini’s unsuitable recommendations, that customer had a loss of approximately $36,700. Collectively, the trades that Faccini recommended caused that customer to pay approximately $55,389 in commissions and fees and another $12,997 in margin interest for a total of approximately $68,385. In addition, although the other customer’s account had an average month-end equity of approximately $26,856 for 16 months, Lon Charles Faccini Jr. recommended purchases with a total principal value of approximately $522,438, which resulted in an annualized turnover rate in the account of 14.59. As a result of Faccini’s unsuitable recommendations, the other customer had a loss of approximately $17,395. Collectively, the trades that Faccini recommended caused the other customer to pay approximately $16,074 in commissions and fees and another $2,696 in margin interest for a total of approximately $18,770. The suspension is in effect from February 21, 2023, through August 20, 2023. (FINRA Case #2018056483903)