The Financial Industry Regulatory Authority on Monday filed churning charges against five brokers formerly associated with Newport Coast Securities Inc.

New York-based Newport Coast and two former supervisors at the firm, Marc Arena and Roman Luckey, were also charged in the complaint.

Finra alleges that from September 2008 through May 2013, brokers Douglas Leone, Andre LaBarbera, David Levy, Antonio Costanzo and Donald Bartelt churned the accounts of 24 customers, using margin and risky securities to generate huge commissions, wiping out most of the customers’ capital in the process.

All told, the losses amounted to more than $1 million, Finra alleges.

The complaint claims the brokers created new account forms for clients that misstated net worth, investment experience and objectives.

Finra also claims that Levy, of West Palm Beach, Fla., and Costanzo, based in Chesapeake, Va., attempted to dissuade several customers from cooperating with Finra’s investigation.

Newport Coast CEO Donald Wojnowski, who joined the firm in December 2012, said he hopes to settle the matter.

He said the alleged churning “predates our management team we have now” and that the brokers involved have left the firm or were asked to leave.

“We’ve laid out plans to Finra for restructuring the firm,” he said, and “made significant investments in new [compliance] systems and people.”

The type of active trading described in the Finra complaint “doesn’t exist at the company anymore,” Wojnowski added. “It’s not a business we want to be in.”

Bartelt, who is based in Cave Creek, Ariz., and is still affiliated with Newport Coast, declined comment.

Wojnowski said Bartelt does minimal business and will be retiring shortly.

A message left for Levy, Costanzo and LaBarbera at their new firm, Titus Rockefeller LLC, was not immediately returned.

LaBarbera worked out of his home in Dix Hills, N.J., while at Newport Coast.

Leone, now at Salomon Whitney LLC in Farmingdale, N.Y., did not immediately return a call.

Arena, currently affiliated with National Securities Corp. in Westbury, N.Y., was not immediately available.

Newport Coast has approximately 45 branch offices and 122 registered representatives, according to Finra.

The charged brokers have long regulatory histories and worked at several firms that have been shut down by Finra.

Newport Coast’s own history dates to 2008, when its predecessor firm, Grant Bettingen Inc., was bought by Rubicon Financial Inc. of Irvine, Calif. Grant Bettingen  was later renamed Newport Coast and managed by several alumni of the failed Brookstreet Securities, Finra said.

LaBarbera, Levy, Costanzo and Luckey were all formerly affiliated with Brookstreet.

Luckey, who worked in Newport Coast’s Irvine, Calif. office, is no longer in the industry.