Articles Posted in Aegis Capital Corp

FINRA’s Department of Enforcement has filed a disciplinary proceeding complaint against financial advisor Daniel O’Neill over excessive and unsuitable trading in a customer’s account.

If you have lost money with Daniel O’Neill, or Aegis Capital, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Iorio Altamirano LLP  represents investors in disputes with their financial advisors or brokerage firms, such as Aegis Capital.

FINRA has suspended Aegis Capital broker Gilbert Kuta from the securities industry for ten days for exercising discretion without written authorization in customers’ accounts, in violation of NASD Rule 2510(b) and FINRA Rule 2010.

The alleged misconduct is said to have taken place from December 2017 through June 2018 while Mr. Kuta was registered with Capitol Securities Management, Inc. Mr. Kuta was also fined $5,000.

Mr. Kuta’s suspension is scheduled to begin on August 16, 2021, and end on August 27, 2021.

The Financial Industry Regulatory Authority (“FINRA”) has suspended former Aegis Capital Corp. financial advisor Douglas Szempruch from the securities industry for 12 months.  Mr. Szempruch consented to the suspension after FINRA alleged that between August 2014 and June 2017, while associated with Aegis Capital Corp., he (1) recommended and executed excessive and unsuitable trades in six customer accounts; (2) exercised discretionary authority without prior written authorization to effect trade in seven accounts; and (3) sent email communications containing misleading statements about an investment opportunity from his firm-approved email account. FINRA also ordered Mr. Szempruch to pay nearly $100,00 in restitution to customers.   However, it is unclear whether Mr. Szempruch will be able to satisfy the restitution order.

Mr. Szempruch, who was associated with Aegis Capital Corp. (“Aegis Capital”) from June 2011 to June 2021, is the sixth Aegis broker, or former broker, to be disciplined by FINRA this year.  Separately, in March 2021, the firm itself was sanctioned by FINRA and ordered to pay restitution to customers.

Customers of Mr. Szempruch or Aegis Capital, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm.  If you or a loved one were a customer of Douglas Szempruch or Aegis Capital, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

The Financial Industry Regulatory Authority’s Office of Hearing Officers has suspended stockbroker Kishan (Sean) Parikh for excessive trading and unauthorized trading.  Mr. Parikh, formerly of Aegis Capital Corp. (“Aegis Capital”), was suspended for 18 months and fined $5,000 for excessive trading.  He was also suspended for six months and fined $5,000 for unauthorized trades.  The suspensions will be served consecutively.  He was also ordered to pay restitution to two customers in the total amount of $40,919. However, it is unclear whether he will be able to satisfy the restation order and repay customers.

Customers of Mr. Parikh, including customers that have been notified that they may be receiving restitution, should consult with a securities arbitration law firm.  If you or a loved one were a customer of Sean Parikh, contact  New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of your legal rights.

To read our previous blog post about Mr. Parikh, please click on the following link: Former Aegis Capital Corp Broker, Kishan (Sean) Parikh, Facing Disciplinary Charges by FINRA for Unsuitable Investment Recommendations and Excessive Trading.

FINRA has barred former NTB Financial Corporation (“NTB”) broker George Louis McCaffrey III from the securities industry. Mr. McCaffrey was expelled from the brokerage industry for providing false information to FINRA during a prior investigation and for participating in $270,000 of private securities transactions without prior written disclosure to and approval from his firm. 

If you have lost money with George Louis McCaffrey III, or NTB Financial Corporation, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

FINRA Letter of Acceptance, Waiver, and Consent

The Financial Industry Regulatory Authority (“FINRA”) has suspended Aegis Capital Corp. financial advisor Corey Alexander Johnson from the securities industry for 30-calendar days.  Mr. Alexander consented to the suspension after FINRA alleged that he engaged in discretionary trading without written authorization for five customers between April 2017 and April 2019, executing approximately 1,358 transactions.  FINRA also fined Mr. Johnson $5,000.

Mr. Johnson is the fourth Aegis broker, or former broker, to be disciplined by FINRA this year.  A fifth broker has received notice of a complaint filed by FINRA’s Department of Enforcement.  Separately, earlier this month, the firm itself was sanctioned by FINRA and ordered to pay restitution to customers.  What a start to the year for Aegis!

If you have suffered financial losses investing with Aegis Capital Corp, or suspect that Aegis Capital Corp. did not have your best interest in mind when recommending investments or making account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

FINRA has suspended former Aegis Capital broker Edmund Zack from the securities industry for eight months for engaging in unsuitable and excessive trading, exercising discretion in customer accounts without written authorization, and causing Aegis to maintain inaccurate books and records. Zack was also fined $10,000 and consented to disgorgement of $5,161 in commissions.

He is no longer associated with a FINRA member but remains subject to FINRA’s jurisdiction.

If you have lost money with Edmund Zack, or Aegis Capital, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Kishan Parikh, who also goes by the name Sean Parikh.  The complaint alleges that from August 2014 through 2016, while employed by Aegis Capital Corp. (“Aegis Capital”), Mr. Parikh made unsuitable recommendations and excessively traded the accounts of five of his customers.

A few weeks ago, Aegis Capital was fined $80,000 and censured by FINRA over multiple FINRA and MSRB Rules violations. The firm was also ordered to pay restitution of $43,912 to customers.

Aegis Capital has a long history of sanctions. In 2017, Aegis was included in a Reuters study that analyzed FINRA data and identified 48 firms whose brokers have been flagged for serious incidents. The Reuters’ analysis showed that Aegis Capital had 39% of its brokers with at least one of the most serious red flags, per the study, on their public disclosure.

Aegis Capital (“Aegis”) was fined $80,000 and censured by FINRA over multiple FINRA and MSRB Rules violations. The firm was also ordered to pay restitution of $43,912 to customers.

The firm has a long history of sanctions. In 2017, Aegis was included in a Reuters study that analyzed FINRA data and identified 48 firms whose brokers have been flagged for serious incidents. The Reuters’ analysis showed that Aegis Capital had 39% of its brokers with at least one of the most serious red flags, per the study, on their public disclosure.

In August 2015, FINRA fined Aegis $950,000 for improperly selling unregistered penny stocks and for related supervisory failures and for failing to implement anti-money laundering (AML) policies and procedures.

FINRA has suspended financial advisor Anthony (Tony) Tricarico from the securities industry for six months and fined him $5,000.

FINRA alleged that between November 2014 and November 2015, while employed by Aegis Capital Corp. in New York, NY, Mr. Tricarico violated FINRA Rules 2111 and 2010 when he engaged in excessive and quantitatively unsuitable trading in the accounts of three customers.

Mr. Tricarico was employed by Aegis Capital Corp. in New York, NY, from March 2010 until July 2020.

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