Securities Lawyers Blog

FINRA Accuses Spartan Capital of Churning Client Accounts to Fuel Its Business Model

December 18, 2025 | by Staff Attorney

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.”

Broker Garett Engel in Morgan Stanley Firm Has Customer Complaint

December 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Garett Engel (Engel), currently associated with Morgan Stanley, has at least one disclosable event. These events include one customer complaint, alleging that Engel recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on November 05, 2025.

Claimant alleges violations of Reg BI and misrepresentation regarding a covered call options strategy implemented resulting in significant losses – May 2025 to July 2025.

There are Recent Customer Complaints with Broker Connor Green in Firm Joseph Gunnar & CO. LLC

December 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Connor Green (Green), currently associated with Joseph Gunnar & CO. LLC, has at least one disclosable event. These events include one customer complaint, alleging that Green recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $10,000.00 on October 30, 2025.

Upon receipt of a routine activity letter, the client emailed the subject RR stating that he is &quot;not willing to sign any documents and requested an explanation for the frequent trading and fees.&quot; A few days later, the client requested a &quot;refund of all previously charged commissions exceeding 1%&quot;.

There are Recent Customer Complaints with Broker Anna Lucas in Firm Thrivent Investment Management INC.

December 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Anna Lucas (Lucas), currently associated with Thrivent Investment Management INC., has at least one disclosable event. These events include one customer complaint, alleging that Lucas recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $7,342.52 on October 29, 2025.

Customer alleged the Variable Universal Life (VUL) contract issued in August 2022 was not suitable.

Broker Shalom Azar in Wells Fargo Advisors Financial Network, LLC Firm Has Customer Complaint

December 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Shalom Azar (Azar), currently associated with Wells Fargo Advisors Financial Network, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Azar recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $24,309.00 on October 31, 2025.

Client alleges misrepresentation with respect to commissions charged on individual trades and opening of managed account

Broker Sailesh Mehta in Equitable Advisors, LLC Firm Has Customer Complaint

December 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Sailesh Mehta (Mehta), currently associated with Equitable Advisors, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Mehta recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $5,000.00 on November 18, 2025.

Customer alleges RR misrepresented VA policy sold in 10/2025.

There are Recent Customer Complaints with Broker Eric Bernhard in Firm Nylife Securities LLC

December 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Eric Bernhard (Bernhard), previously associated with Nylife Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Bernhard recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $65,000.00 on October 31, 2025.

The Claimant alleges he was misled into purchasing Energy 11 LP on July 14, 2016

Broker Kenneth Hast in Realta Equities, INC. Firm Has Customer Complaint

December 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kenneth Hast (Hast), currently associated with Realta Equities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Hast recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $240,000.00 on November 05, 2025.

Claimant alleges failure to properly supervise and ensure compliance with its own internal policy limited customer allocations to more than 35% in Alternative Investments.

There are Recent Customer Complaints with Broker Bernadette Baumgarten in Firm Nylife Securities LLC

December 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Bernadette Baumgarten (Baumgarten), currently associated with Nylife Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Baumgarten recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $388,351.00 on November 12, 2025.

Claimant alleges the failure to protect her from vulnerable investor financial exploitation was a breach of the duty to act in her best interest. Claimant demands damages in the amount of not less than $388,351, plus interest, costs, attorney’s fees, and punitive damages.

Broker Alexander Fischman in Wells Fargo Advisors Financial Network, LLC Firm Has Customer Complaint

December 18, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Alexander Fischman (Fischman), currently associated with Wells Fargo Advisors Financial Network, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Fischman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $24,309.00 on October 31, 2025.

Client alleges misrepresentation with respect to commissions charged on individual trades and opening of managed account