According to reports, William Galvin, Massachusetts Secretary of the Commonwealth, filed complaints against two small firms and two of their brokers Thursday for allegedly deceptive and unethical conduct, marking the first results of a crackdown on bad brokers, according to a statement from Mr. Galvin’s office.
In July, the Massachusetts Securities regulator reportedly announced an industry sweep, asking broker-dealers to hand over hiring information in order to learn about firms’ hiring policies and procedures, according to reports. It was announced that the sweep would target firms with an above average number of brokers with current misconduct reports on their records.
The Massachusetts complaints reportedly filed Thursday morning were against Spartan Capital Securities and Revere Securities, both of New York.
The complaint against Spartan allegedly seeks to bar both the firm and the broker in question, Dean Kajouras, from the securities business in Massachusetts as well as a fine, censure and compensation to investors.
According to his FINRA BrokerCheck, Kajouras was registered with Spartan Capital Securities In New York, NY from 07/2008 – 09/2014. There are seven customer complaints listed on his BrokerCheck, including allegations of unsuitability, churning, over concentration, unauthorized transactions, negligence, breach of contract, misrepresentation, and lost opportunity.
Revere Securities and Jonathan Eric Altman both have a history of customer complaints. The Massachusetts complaint seeks to bar Mr. Altman from the securities industry in Massachusetts as well as restitution to investors. It also seeks a cease and desist order against Revere and restitution and a fine.
Altman was registered with Revere Securities in Boston, MA from 07/2010 – 09/2016, according to FINRA BrokerCheck. There are seven customer complaints listed including allegations of unauthorized transactions and unsuitable investments. Brokerage firms are required to adequately supervise their agents to ensure they are complying with FINRA rules and they can held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent. If you suffered losses investing with, Jonathan Eric Altman or Dean Kajouras, the securities attorneys at The White Law Group may be able to help. For a free consultation, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group and it’s representation of investors, visit www.whitesecuritieslaw.com.