FINRA Reportedly Suspends Aegis Broker Scott Hananel for Excessive, Unsuitable Trading
According to the Financial Industry Regulatory Authority (FINRA), the regulator has suspended Scott Neil Hananel (CRD#: 3080827) for 15 months and fined him $7,500 in connections with allegations that he engaged in excessive and unsuitable trading in Aegis accounts of six of his customers between July 2014 and December 2018.
Further, between January 2015 and September 2017, Hananel allegedly exercised discretionary trading authority to effect 571 trades in the six customers’ firm accounts without having obtained prior written authorization from the customers or approval from Aegis to treat the accounts as discretionary.
According to his FINRA BrokerCheck report, Hananel is not currently registered as a broker, but was reportedly affiliated with the following firms during his career in the securities industry:
02/19/2010 – 02/02/2021, AEGIS CAPITAL CORP. (CRD#:15007), MELVILLE, NY,
05/19/2005 – 03/02/2010, GUNNALLEN FINANCIAL, INC (CRD#:17609), FARMINGDALE, NY
06/13/2002 – 05/19/2005, MILESTONE GROUP MANAGEMENT LLC (CRD#:44486), LAKE SUCCESS, NY
According to his FINRA Broker Check profile, Hananel has 6 customer complaints filed against him during his career in the securities industry. Three complaints have settled, and three are still reportedly pending. Allegations include unsuitable investments, unauthorized trading, and churning, among others.
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Potential Lawsuits to Recover Financial Losses
The White Law Group is investigating potential securities fraud lawsuits regarding the liability that Hananel’s employers may have for failure to properly supervise him.
When brokers and registered investment advisors violate securities laws, such as churning accounts ore making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. 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.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
We represent investors 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 Scott Hananel, 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.
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