Articles Tagged with Aegis Capital Corp

AdobeStock_112465076-1-300x164Stoltmann Law Offices continues to investigate Aegis Capital broker Paul Falcon, who allegedly recommended unsuitable investments, executed unauthorized trades, made excessive transactions and recommended investments that performed properly. In April 2017, a customer alleged that Mr. Falcon recommended unsuitable investments, executed unauthorized trades, made excessive transactions and recommended investments that performed poorly. That complaint is currently pending. He has other customer complaints against him. These are all against securities rules and regulations and internal firm rules. Falcon’s former brokerage firm, Aegis Capital, may be held liable for investment losses, as it failed to reasonably supervise his actions while he was employed there. Investment losses may be recovered on a contingency fee basis.
According to his online report with the Financial Industry Regulatory Authority (FINRA), Paul Falcon was previously registered with The Equitable Life Assurance Society of the United States, Equico Securities, GKN Securities, Waterhouse Securities, Citicorp Investment Services, First Union Brokerage Services, Wachovia Securities, Allstate Financial Services, Statetrust Investments and Global Strategic Investments in Miami, Florida from September 2011 until July 2013. He is currently registered with Aegis Capital Corp in Boca Raton and Miami, Florida and has been since July 2013. He has five customer disputes against him, one of which is currently pending.

According to recent Financial Industry Regulatory Authority (FINRA) allegations, Maria Fan, a registered representative with Wilmington Capital Securities, made exaggerated claims regarding certain stocks. She allegedly told a customer: “I can make you $1,000 in a day if you give me $2,000 tomorrow with GPRO (GoPro).” She also allegedly stated: “ADHD will go up to $40 in two weeks.” This is against securities rules and regulations. For this, she was fined $7,500 and suspended for 60 days from the industry.

Maria Fan was registered with AXA Advisors, MetLife Securities, Caldwell International, Merrill Lynch, HSBC Securities, Aegis Capital Corp and Wilmington Capital Securities in New York, New York from July 2015 until January 2016. She has three customer disputes against her. She is not licensed within the industry. Please call our securities law firm today to speak to one of our attorneys about your options of bringing a legal claim against her former firm, Wilmington Capital Securities, to recover your investment losses. The call to us is free with no obligation. We take cases on a contingency fee basis only.

Were you sold investments in Ampio Pharmaceuticals (AMPE) by your Aegis Capital Corp broker? If so, Stoltmann Law Offices would like to speak to you about your investments, as they could be risky and you may lose money. If you did lose money, please call 312-332-4200 to speak to an attorney. Our offices are based in Chicago, Illinois and we help investors recover their financial losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis so we only make money if you recover yours. Please call today as there is a statute of limitations associated with most of these cases. Aegis Capital was the joint booking running manager for AMPE in July 2012 when the company sold additional stock to the public. The stock did not perform well. Brokers who sell securities and stocks such as AMPE to clients are required to disclose all information about the company, as well as take into account a customer’s age, net worth, investment objectives and investment sophistication before recommending said investments. If the broker does not, his or her member firm may be liable for losses.

The Financial Industry Regulatory Authority (FINRA) ordered Aegis Capital Corp to pay $950,000 over allegations of improper sales of billions of shares of unregistered penny stocks and anti-money-laundering supervisory lapses. FINRA also fined and suspended two former chief compliance officers at the firm. Robert Eide, the firm’s president and chief executive, was suspended for 15 days and fined $15,000. He was accused of failing to disclose more than $640,000 in outstanding liens. Charles D. Smulevitz and Kevin C. McKenna the firm’s Chief Compliance and AML Compliance Officers, respectively, served 30 and 60 day suspensions, and fines of $5,000 and $10,000.

FINRA alleged that Aegis facilitated a penny stock scheme in August of 2014 that led to $24.5 million in profits for its customers and $1.1 million in commissions for the firm. From April 2009 until June 2011, Aegis liquidated 3.9 billion shares of five unregistered penny stocks that were not exempt from registration requirements. Most securities must be registered with the SEC. Also, some customers of the firm were referred to Aegis by a former broker who had been previously barred from the industry. Later, the broker was charged by the Securities and Exchange Commission (SEC) with abetting securities fraud.

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