FINRA Reportedly Suspends Edmund Zack After Allegations of Excessive, Unauthorized and Unsuitable Trading
According to the Financial Industry Regulatory Authority (FINRA), the regulator has suspended former Aegis Broker, Edmund Zack (CRD#2215116) on March 19, 2021 for eight months after allegations of excessive, unauthorized and unsuitable trading. He was also fined $10,000 and ordered to pay disgorgement of $5,161 from commissions.
Between November 2014 and September 2015, Zack allegedly made unsuitable stock recommendations to, and engaged in excessive and quantitatively unsuitable trading in the Aegis account held by one of his customers, according to a Letter of Acceptance Waiver and Consent (AWC).
In October 2017, Zack also purportedly exercised discretionary trading authority to effect sales of securities in 27 customers’ accounts without having obtained prior written authorization from the customers or approval from Aegis to treat the accounts as discretionary, according to the AWC.
Further, because Zack allegedly marked these sale orders as unsolicited, he caused Aegis to maintain inaccurate books and records.
According to his FINRA broker profile, Zack was registered with Aegis Capital Corp. in New York, NY from June 2012 until November 2017 when he reportedly made the move to Western International Securities until April 2019. He then worked briefly at Benchmark Investments, and then, Dawson James Securities. He is not currently registered as a broker, according to his FINRA broker profile.
For FINRA’s full findings see FINRA case number #2020068439201.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities fraud claims involving Edmund Zack and the liability his former employers may have for failure to properly supervise him.
When brokers abuse client accounts and conduct transactions that violate securities laws, such as making unauthorized trades, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you are concerned about investments with Edmund Zack and Aegis Capital Corp., the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation, or visit us on the web at www.whitesecuritieslaw.com.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.
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