Articles Tagged with Aegis Capital

The Financial Industry Regulatory Authority (FINRA) sanctioned former broker Keith Michelfelder for allegedly effecting “at least 16 transactions in the accounts of a member firm customer without having obtained prior written authorization from the customer and written acceptance of the accounts as discretionary by his firm. The findings stated that the firm’s policies prohibited the use of non-firm email addresses to conduct firm business. In 2010 and 2011, Michelfelder signed annual certifications agreeing to use the firm’s domain email only for communications with customers and concerning firm business. Nevertheless, during July 2012, Michelfedler knowingly used a non-firm email address to communicate with the above customer.” For this, Michelfedler was fined $10,000 and was suspended for 60 days. In November 2017, his FINRA registration was revoked for failure to pay fines.

According to online, public records with FINRA, Keith Michelfelder was previously registered with Joseph Gunnar & Co. in New York, New York from July 1998 until August 2012, Aegis Capital in New York from August 2012 until October 2016 and National Securities Corp in New York from September 2016 until October 2017. He has two customer disputes against him alleging unauthorized trading. He has four judgment/liens against him. He is not currently registered as a broker within the industry.

AdobeStock_66548440-1-300x169Stoltmann Law Offices is investigating Aegis Capital broker Paul Falcon. Falcon allegedly recommended unsuitable investments, executed unauthorized trades, made excessive transactions, recommended investments that performed poorly and failed to follow instructions. These are all against securities laws. His firm, Aegis Capital, may be responsible for losses and we sue firms in the Financial Industry Regulatory Authority (FINRA) arbitration forum to recover money for investors on a contingency fee basis. Please call our Chicago-based law offices today to speak to an attorney for free about your options.
Falcon was previously registered with The Equitable Life Assurance Society, Equico Securities, GKN Securities Corp, Waterhouse Securities, Citicorp Investment Services, First Union Brokerage Services, Wachovia, Allstate, Statetrust and Global Strategic Investments. He is currently registered with Aegis Capital in Boca Raton, Florida and Miami, Florida and has been since July 2013. He has five customer disputes against him, one of which is currently pending.

AdobeStock_66548440-1-300x169Recently, Gregg Templeton, a former advisor with Oppenheimer, was barred from the industry by the Financial Industry Regulatory Authority (FINRA). Mr. Templeton was barred after he failed to respond to an investigation against him. He allegedly misused customer funds and committed other violations between July 2010 and July 2015. Firms such as Oppenheimer have a responsibility to adequately supervise all representatives who are registered through their firm. The firms also must take steps to ensure that their financial advisors follow all securities rules and regulations as well as internal firm policies. When the firm fails to do so, it may become liable for investment losses sustained by customers.

Templeton was previously registered with Royce Investment Group, Gruntal & Co., State Capital Markets Corp, First Metropolitan Securities, GKN Securities Corp, Morgan Stanley, Oppenheimer & Co. in New York, New York from January 2007 until August 2015, FSC Securities Corp and Aegis Capital Corp. He has seven customer disputes against him, one of which is currently pending. Please call our Chicago-based law firm today at 312-332-4200 to find out how you may be able to bring a claim against Oppenheimer in the FINRA arbitration forum on a contingency fee basis. The call to us is free with no obligation so please do not delay as there is a statute of limitations on most cases.

According to a recent Disciplinary Proceeding with the Financial Industry Regulatory Authority (FINRA), James Larkin Powers, a former broker at du Pasquier & Co., was alleged to have violated securities laws. Powers allegedly created fictitious trades between his firm trading account and his personal account for his own profit, converted customer funds, caused his firm to create trade confirmations that misrepresented the prices of customers’ trades and hid a loss he incurred in a firm trading account by repeatedly entering unauthorized, fictitious customer trades and subsequently cancelled them before settlement. He allegedly received at least $388,133 in illicit trading profits from these transgressions. He also allegedly converted customer funds and made material omissions. These are all against securities rules and regulations.

Powers was registered with Kidder, Peabody & Co. in New York, New York from February 1994 until July 1994, Sharpe Capital in New York from June 1994 until October 2000, Magna Securities in New York from October 2000 until February 2005, Du Pasquier in New York from January 2005 until July 2014, Aegis Capital Corp in New York from July 2014 until December 2015, Celadon Financial Group in Chatham, New Jersey from January 2016 until February 2016 and IFS Securities in Atlanta, Georgia from February 2016 until September 2016. He is not licensed within the industry. Please call today for a free consultation with one of our attorneys. 312-332-4200.

Larry Wolfe, a former registered representative with Herbert J. Sims, was recently terminated by the firm for alleged exercised discretion, in a non-discretionary account, in making trades for an account without speaking with the client before the trades. He was also alleged to have made unauthorized trades, unsuitable investment recommendations, fraudulent misrepresentations and omissions of material information. These are all against securities rules. If you or someone you know invested money with Larry Wolfe, please call our Chicago-based securities law firm today to speak to an attorney for free. We can discuss your options of suing his former firm, Herbert J. Sims, in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis to recover your financial losses. The firm had a duty to reasonably supervise Wolfe while he was employed there, and they did not, so they can be liable for losses.

According to his FINRA BrokerCheck report, Wolfe was registered with Swanton Securities, Hannauer, Stern & Co., Befill, Bresler & Schulman Inc., Drexel Burnham Lambert Inc., EF Hutton & Co., Shearson Lehman Hutton, Raymond James, The GMS Group, Herbert J. Sims in Boca Raton, Florida from March 2000 until January 2016 and Aegis Capital. He is currently registered with Stoever, Glass & Co. in Boca Raton and has been since May 2015. He has eight customer disputes against him, one of which is currently pending.

Stoltmann Law Offices is investigating Nicholas Tsikitas, a broker with Aegis Capital. Tsikitas has been accused of making unsuitable investment recommendations, churning, overconcentrating investments, being negligent and failing to supervise, among other things. Another client alleged that he caused the filing of certain documents that were materially false or misleading. These are all against securities rules and regulations. Churning is an egregious tactic on a broker’s part that generates high commissions for the broker himself. Please call us today if you would like to sue Aegis Capital in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis. We may be able to help you bring a claim against the firm for not reasonably supervising Tsikitas and to recover your financial losses.

Nicholas Tsikitas was registered with Comprehensive Capital Corp in Great Neck, New York from May 1997 until January 1998, First Montauk Securities in Red Bank, New Jersey from February 1998 until June 2000, Trident Partners Ltd in Woodbury, New York from May 2000 until December 2002, American Capital Partners in Wantagh, New York from December 2002 until February 2007 and JD Nicholas & Associates in Syosset, New York from February 2007 until July 2015. He is currently registered with Aegis Capital in Melville, New York and has been since November 2014.

Stoltmann Law Offices is investigating Cory Bataan, who is currently registered with Aegis Capital in Melville, New York. He is the subject of customer complaints, including recommending unsuitable investments and charging excessive fees and commissions. He was terminated from his position with Aegis Capital for recommending unsuitable investments, executing unauthorized transactions, churning accounts and breaching fiduciary duty. Bataan was registered with Joseph Stevens & Co. in Brooklyn, New York from October 1996 until July 2001, Ameritas Investment Corp in New Hyde Park, New York from December 2007 until April 2008 and Empire Asset Management in New York, New York from April 2008 until August 2012. He is currently registered with Aegis Capital in Melville, New York and has been since August 2012. He has four customer disputes against him, one of which is currently pending. Please call today for a free consultation.

Stoltmann Law Offices is investigating Michael McDonald, a broker with Aegis Capital in Maitland, Florida. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, he has been the subject of at least five customer complaints that included churning and excessive trading, unsuitable investment recommendations, unauthorized trading, breach of fiduciary duty and fraud, among other things. He was accused of recommending a private placement called Xyience Inc. to a customer which caused the customer $450,000 in damages. This is commonly referred to as “selling away” and is when a broker recommends a security that is not held or offered by his brokerage firm. Selling away is against securities rules and regulations.

McDonald was registered with Chatfield Dean & Co. in Greenwood Village, Colorado from February 1993 until May 1993, Ole Discount Corp in Detroit, Michigan from May 1993 until November 1995, Empire Financial Group in Longwood, Florida from December 1995 until February 1996, Southern Financial Group in Columbia, South Carolina from March 1996 until March 2002, Advest Inc. in Hartford, Connecticut from March 2002 until December 2005 and JHS Capital Advisors in Tampa, Florida from November 2005 until February 2011. He is currently registered with Aegis Capital in Maitland, Florida and has been since February 2011.

Stoltmann Law Offices is investigating Edward Jeffrey, a broker with Aegis Capital in Portland, Oregon. According to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report, Jeffrey engaged in churning and unauthorized and excessive trading. This tactic is used by brokers to garner maximum commissions, and is against securities rules and regulations. Allegedly, from July 2004 until November 2007, Jeffrey effected 682 discretionary transactions in customer accounts without written authorization. He was fined $10,000 and suspended from the industry for 30 days.

If you invested money with Edward Jeffrey, please call our securities law firm in Chicago, Illinois at 312-332-4200 to speak to an attorney about your options. You may be able to bring a claim against his firm, Aegis Capital. They may be held liable for investment losses because they have a duty to reasonably supervise him. The call is free with no obligation. We take cases on a contingency fee basis only.

Malcolm Segal, a former broker within the industry, is facing charges that he was allegedly involved in a ponzi scheme. Segal ran a branch of Aegis Capital Corp in Langhorn, Pennsylvania, called J&M Financial. He offered clients certificates of deposit (CDs) offered by Mercantile Bank and Bear Stearns that paid an annual interest rate of up to 12 percent with a minimum two-year investment of $100,000. Instead of purchasing the CDs for his clients, he redeemed them for himself and took the money to spend on a condo in Florida and other personal items. Segal then began a ponzi scheme, paying out earlier investors with new investor money. This began in 2011. By July 2014, the scheme had fallen apart, with Segal struggling to pay his investors.

Before being registered with Aegis Capital Corp in New York, New York, Segal was registered with Cumberland Brokerage Corporation in Langhorne, Pennsylvania from January 1989 until April 2011. He has seven customer disputes against him, five of which are pending. He is not licensed and has been permanently barred from the industry by the Financial Industry Regulatory Authority (FINRA). You may sue Aegis Capital for failing to supervise Mr. Segal while he was employed with them. It was their responsibility to supervise him, and, because they did not, may be liable for financial losses. Please call Stoltmann Law Offices at 312-332-4200 to find out how to sue them in the FINRA arbitration process. The call is free with no obligation.

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