Robert Benjamin Caiati – A Brief History
In 2005, Robert Benjamin Caiati started working for Daiwa Capital Markets America Inc. (DCMA or the company). In 2013, he became the company’s official Operations Professional.
Due to his “[f]ailure to comply with internal policies, including those relating to business expense reports,” DCMA canceled his registration via Form U5 dated July 23, 2019.
Caiati’s membership as a FINRA member has ended, yet FINRA still has jurisdiction against him under Article V, Section 4 of the FINRA By-Laws.
The Robert Benjamin Caiati Report
Caiati submitted 27 expense reimbursement requests for business meals and entertainment totaling $3,646.86 between July 2016 and December 2018. He was aware that these expenses did not follow the company’s expenditure reimbursement regulations. By lying to the company about the events’ nature and attendance, among other things, he was able to receive payment for his attendance and related expenses. Therefore, Robert Benjamin Caiati violated FINRA Rule 2010 by making improper use of firm money.
Penalties, Punishments & Sanctions
- a $5,000 fine,
- and a prohibition on working with any FINRA member for nine months
Respondent acknowledges that he is susceptible to a statutory disqualification as specified in Article III, Section 4 of FINRA’s By-Laws, which incorporates Section 3(a)(39) of the Securities Exchange Act of 1934 if he is barred or suspended from interacting with any FINRA member. During the term of the bar or suspension, he is not permitted to have any involvement with any FINRA member, including in an administrative or clerical position. Please refer to FINRA Rules 8310 and 8311.
The penalty must be paid before applying for relief from statutory disqualification owing to this or any other event or process, or upon reassociation with a member firm, whichever comes first.
Respondent expressly and freely waives any claim of inability to pay, either at the time of execution of this AWC or at any time thereafter.
An Evaluation of Robert Benjamin Caiati’s Work
Caiati submitted 27 expense reimbursement requests for business meals and entertainment totaling $3,646.86 between July 2016 and December 2018. He was aware that these expenses did not follow the company’s expenditure reimbursement regulations. By lying to the company about the events’ nature and attendance, among other things, he was able to receive payment for his attendance and related expenses. Therefore, Robert Benjamin Caiati violated FINRA Rule 2010 by making improper use of firm money.
Recognizing Bogus Financial Advisor
Victims of Robert Benjamin Caiati Seek Justice
If you’ve lost money due to Robert Benjamin Caiati’s deception, poor advice, or unsuitable investments, you may be eligible to get your money back. Then you can seek legal recourse and be vindicated. This is not a sector in which fraud, malpractice, or neglect of duty can be tolerated. If you discover that your financial advisor or brokerage business is violating FINRA’s rules and regulations, you should report them immediately.
Financial advisers must offer the best investments and investment plans for their customers, as required by law and regulation. Their advice should be tailored to the client’s specific objectives and requirements. The brokerage firm that employs financial advisors is similarly obligated by law and regulation to monitor and oversee the advisors they retain. They should check that their financial advisor is not being dishonest or biased in favor of any certain investments. The client or customer may be entitled to a complete or partial recovery of losses if the financial advisor and/or the brokerage firm breaches certain duties.
When making recommendations about investments or investment strategies, financial advisors should do so with their client’s best interests in mind. Before recommending an investment or investment strategy, a financial advisor must do their utmost to assess whether or not the potential benefits outweigh the potential dangers.
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