James B. Schwartz, Former Financial Advisor with Aegis Capital Corp. Investigated for Churning
Have you suffered investment losses with James B. Schwartz in Melville, New York? If so, the securities attorneys at The White law Group may be able to help you recover your losses by filing a FINRA Dispute Resolution claim.
According to the Financial Industry Regulatory Authority (FINRA), the regulator is investigating Schwartz for allegedly churning and excessively trading the accounts of customers of his member firm. The complaint alleges that Schwartz’s trading was unsuitable and caused combined losses of more than $660,000 in these customers’ accounts.
FINRA alleges that Schwartz’s trading generated gross sales credits and commissions of approximately $277,705, of which he reportedly received more than $194,000. The complaint also alleges that Schwartz conducted fraudulent and deceptive trading by exercising de facto control over the customers’ accounts and engaging in unauthorized trading.
Schwartz purportedly executed trades with a total principal value of approximately $10 million without his customers’ authorization, including alleged unauthorized trades he executed in a customer’s account after the customer had died.
According to his FINRA BrokerCheck report, Schwartz has been registered with 14 brokerage firms in his 18 years working in the securities industry. He reportedly has 12 disclosures listed on his broker report, including 9 customer complaints, a bankruptcy filing in 2016, and the regulatory event discussed above. He was registered with Aegis Capital Corp. in Melville, NY from June 2013 to June 2016. More recently he was registered with First Standard Financial Company and Joseph Gunnar & Co., both in New York.
For FINRA’s full findings see FINRA case # 2016051704302.
Recovery of Investment Losses
The White Law Group is investigating potential claims involving James B. Schwartz and the liability his former employers may have for failure to properly supervise him.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
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.
We represent investors in FINRA arbitration claims in all 50 states, including New York. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with James B. Schwartz and Aegis Capital Corp., please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.