Mark Elenowitz (CRD#: 2057802), a registered representative with Digital Offering LLC (CRD#: 166401) and Cambria Capital LLC (CRD#: 133760), both in New York, New York, is currently the subject of a Financial Industry Regulatory Authority (FINRA) Department of Enforcement investigation, according to his BrokerCheck record accessed on June 16, 2020. What happened to lead to FINRA Enforcement cracking down on Mark Elenowitz? Read on to learn more.
On May 29, 2020, Mark Elenowitz became the subject of a complaint filed against him by the FINRA Department of Enforcement. In the complaint, FINRA alleges that Mark Elenowitz, as Chief Executive Officer of Tripoint Global Equities LLC, sold unsuitable private placements. FINRA alleges that Mark Elenowitz failed to do due diligence on private placements, missing many “red flags” regarding the principals’ ability (or lack thereof) to run a profitable business. According to FINRA, when these investments turned out to be part of a Ponzi scheme, Mark Elenowitz’s clients lost millions of dollars. The full text of the complaint can be viewed here.
This FINRA regulatory action is not the only disclosure on Mark Elenowitz’s BrokerCheck record. He is currently involved in a pending customer dispute. On February 8, 2017, a client alleged that Mark Elenowitz failed to complete due diligence and did not disclose commissions. The client is seeking $1.5 million in damages; the matter is pending. In his Broker Comment, Mark Elenowitz writes that the clients are “sophisticated accredited investors.” It is important to note, as we have written several times before, that just because someone is an accredited investor doesn’t mean that every investment is suitable for them.
Mark Elenowitz has also been the subject of a complaint that has since settled. On March 17, 2017, a client alleged that Mark Elenowitz failed to complete his due diligence from December 2015 through March 2016. The client sought $1,750,000 in damages; the matter later settled for $400,000.
Over his 18 years in the securities industry, Mark Elenowitz has worked for six broker-dealers. In addition to his current roles with Digital Offering LLC (CRD#: 166401) and Cambria Capital LLC (CRD#: 133760), he has also worked for the following brokerage firms:
- Tripoint Global Equities/Banq(R) (CRD#: 143174)
- Josephthal Lyon & Ross Incorporated (CRD#: 3227)
- Tamaron Investments, Inc. (CRD#: 14929)
- W. Gant & Associates, Inc. (CRD#: 7963)
If Mark Elenowitz was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.