Scott Neil Hananel (CRD #3080827, Long Beach, New York)

March 29, 2022 – An AWC was issued in which Hananel was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in all capacities for 15 months. Without admitting or denying the findings, Hananel consented to the sanctions and to the entry of findings that he engaged in excessive and unsuitable trading in customer accounts. The findings stated that Hananel exercised de facto control over his customers’ accounts because he decided which stocks to trade and when to trade them, exercised discretionary authority in connection with some of the trades in the accounts, and he controlled the volume and frequency of trading in the accounts. Hananel’s short term trading in the customers’ accounts generated significant losses and trading costs in the form of commissions, markups and markdowns. In total, the customers, some of whom were senior citizens, paid commissions and trading costs of $1,473,118 and incurred losses of $2,103,176. The findings also stated that Hananel exercised discretionary trading authority in customer accounts without having obtained prior written authorization from the customers or approval from his member firm to treat the accounts as discretionary. The suspension is in effect from April 4, 2022, through July 3, 2023. (FINRA Case #2021070337101)