In December 2025, FINRA filed a sweeping enforcement action against Spartan Capital Securities, alleging that the New York–based broker dealer built its business on systematic churning and excessive trading that generated millions in revenue while inflicting massive losses on customers.
According to FINRA’s complaint, 114 customer accounts incurred nearly $10 million in trading costs and almost $8 million in losses between January 2018 and April 2022. More than half of those accounts belonged to senior investors.
FINRA’s conclusion was blunt: “Spartan’s business model depended on this misconduct.”
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