Aegis Capital Corp entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) based on allegations that the firm did not comply properly with requirements set in place to immediately display, route, execute or cancel customer limit orders during the period from January 1, 2012 through March 31, 2012. Aegis allegedly violated 19 rules. From January 1st, 2013 through March 31st, 2013, the firm violated 18 rules. In total, FINRA found that Aegis violated 140 rules. Each time, the firm failed to display immediately customer limit orders in over-the-counter (OTC) equity securities in its public quotation, when each such order was at a price that would have improved the firm’s bid or offer in each such security; when the order was priced equal to the firm’s bid or offer and the national best bid or offer for each such security; and the size of the order represented more than a de minimis change in relation to the size associated with the firm’s bid or offer in each such security. Aegis also failed to provide for reasonable supervision designed to comply with supervisory rules. The firm also did not obtain the appropriate authority needed in two customer accounts in December 2012. For these transgressions, Aegis was fined $85,000 and censured.
You may sue Aegis Capital for money losses because of their inability to supervise their brokers, and for not properly complying with the requirements on customer orders. Please call us at 312-332-4200 to speak to an attorney about your options. The call is free with no obligation.