Mike Coyne: NYSE Sanctions Benjamin Securities Advisor

Miami financial advisor Mike Coyne (CRD# 6456093) was recently sanctioned by the New York Stock Exchange in connection with allegations he failed to reasonably consider conflicts of interest. Financial Industry Regulatory Authority records show that he is registered as a broker with Benjamin Securities, having previously been registered with Ingalls & Snyder.

Mr. Coyne’s BrokerCheck report disclose the NYSE sanction against him. Filed in February 2025, it describes allegations that when purchasing special purpose acquisition company (SPAC) securities for customers of his member firm, he failed to reasonably consider “conflicts of interest between the firm’s brokerage customers and the firm.” The NYSE alleged that a conflict of interest arose from the firm’s simultaneous duty to service customers’ individual best interests while seeking to provide shareholder services to SPAC clients.

Among other allegations, the sanction alleges that he failed to reasonably consider the purchase of SPAC clients’ securities from the perspective of brokerage customers, and that he failed to solicit brokerage customers “for the purchase and sale of SPAC securities on their behalf in advance of specific trades.” Furthermore, the NYSE alleged, he mis-marked “all such trades as solicited when in fact, some were not,” and in some cases “provided inaccurate certifications” to exchanges including the NYSE. As a result of these and other findings, the NYSE ordered him to pay a fine of $100,000. It also suspended him from associating with any NYSE member or member organization for a period of six months.

Benjamin Securities’ website includes a profile of Mr. Coyne that describes his experience and focus. “[He] runs our Capital Markets business, where he is responsible for sourcing public and private new issue investments, M&A advisory, and business development,” the profile states. “Mike has worked on domestic, international, and cross-border public listings.”

According to the Financial Industry Regulatory Authority, Mike Coyne holds nine years of securities industry experience. Based in Miami, Florida, he has been registered as a broker with Benjamin Securities since 2023. His past registrations include Ingalls & Snyder and CAIS Capital. His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Banking Registered Representative Examination or Series 79; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 27 state licenses. (Information current as of March 5, 2025.)

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