A row of columns at the entrance to the US Supreme Court in Washington DC.

Nj broker-dealer's registrations revoked for unsuitable investment recommendations — A row of columns at the entrance to the US Supreme Court in Washington DC.

TRENTON, NJ – The New Jersey Bureau of Securities has revoked the registrations of Carlos Leston for recommending and selling unsuitable investments to elderly clients. The action was announced by Attorney General Matthew J. Platkin and the Division of Consumer Affairs.

Leston, from Maywood, NJ, sold $3.65 million in securities from a New York lending company to two elderly clients. He failed to disclose that the CEO of the company was a friend, barred from the securities industry, or that he was compensated over $1.5 million through a referral arrangement with the company.

The clients, on Leston’s recommendation, liquidated insurance annuities and incurred significant losses, taxes, and surrender charges. These costs outweighed any potential benefits from the investments.

While registered at a Massachusetts-based broker-dealer, Leston conducted these transactions without authorization. His actions violated the broker-dealer’s policies and the federal Regulation Best Interest, which mandates that broker-dealers prioritize retail customers’ best interests.

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Chris Quigley is a Staff Writer and Community News Correspondent for Shore News Network, where she covers local government, public safety, community affairs, politics, and issues impacting residents throughout New Jersey. Her reporting focuses on delivering timely, accurate, and relevant news that helps readers stay informed about the communities in which they live and work.

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Quigley is committed to responsible journalism, emphasizing accuracy, source verification, and transparency in every story she reports. She strives to present information in a clear and accessible manner, helping readers better understand the issues, decisions, and events that impact their daily lives.

Through her work at Shore News Network, Chris Quigley contributes to the organization's mission of providing trusted local news coverage, accountability reporting, and community-focused journalism throughout New Jersey.

Chris Quigley is a graduate of Stockton State University and began her career at IN Jersey, the online news and media branch of the Asbury Park Press. She also worked at Monmouth Internet, the Ocean Signal Newspaper, and JTOWN Magazine during her career in both content management and operations.

Degrees: Business B.A. - Stockton University

Experience and interests: Criminal Justice, Business, Animal Care, Entertainment, Lottery News, Local News