Churning (Excessive Trading)

There are Recent Customer Complaints with Broker Stephen Sullivan in Firm Spartan Capital Securities, LLC

August 9, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Stephen Sullivan (Sullivan), previously associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one regulatory event. Several of those complaints against Sullivan concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on April 30, 2024.

Sullivan was named a respondent in a FINRA complaint alleging that he failed to provide on-the-record testimony requested by FINRA in connection with its investigation into his potential churning and excessive trading in customers’ accounts while he was registered with a member firm. The complaint alleges that Sullivan terminated the on-the-record testimony before FINRA had completed its questioning and he failed to appear to complete his on-the-record testimony. The complaint also alleges that Sullivan failed to provide information and documents requested by FINRA in connection with its investigation. Sullivan’s refusal to appear to complete his on-the-record testimony and failure to respond to information and document requests significantly impeded the completion of FINRA’s investigation into his potential misconduct.

There are Recent Customer Complaints with Broker Howard Kavinsky in Firm Supreme Alliance LLC

July 26, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Howard Kavinsky (Kavinsky), previously associated with Supreme Alliance LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Kavinsky concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $258,677.00 on May 06, 2025.

Unauthorized trading, excessive trading

There are Recent Customer Complaints with Broker Joao Pinto in Firm Spartan Capital Securities, LLC

July 24, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Joao Pinto (Pinto), currently associated with Spartan Capital Securities, LLC, has been subject to at least 2 disclosable events. These events include one customer complaint, one regulatory event. Several of those complaints against Pinto concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $931,402.00 on May 14, 2025.

Allegation of Unsuitability investments, excessive trading, misrepresentation, failure to supervise

There are Recent Customer Complaints with Broker Jesse Krapf in Firm Spartan Capital Securities, LLC

July 24, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Jesse Krapf (Krapf), previously associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Krapf concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $931,402.00 on May 14, 2025.

Allegations of Unsuitability, excessive trading, misrepresentation, failure to supervise

There are Recent Customer Complaints with Broker Michael Valenta in Firm Cambridge Investment Research, INC.

July 17, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Valenta (Valenta), previously associated with Cambridge Investment Research, INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Valenta concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint on July 19, 2023.

Statement of Claim alleges an investment recommendation was made for the purpose of generating high commissions and fees and that Claimants were deprived of the ability to generate reasonable returns that would have been received in a diversified portfolio.

There are Recent Customer Complaints with Broker James Maher in Firm Concorde Investment Services, LLC

July 15, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker James Maher (Maher), currently associated with Concorde Investment Services, LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Maher concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $54,000.00 on July 28, 2023.

Complaint is alleging suitability, breach of fiduciary duty, and churning, relating to investments made in 2014 and 2022.

There are Recent Customer Complaints with Broker Ted Oliver in Firm Davenport & Company LLC

July 14, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Ted Oliver (Oliver), previously associated with Davenport & Company LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Oliver concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $120,000.00 on August 02, 2023.

Reverse churning and over concentration. Beginning in October 2021.

There are Recent Customer Complaints with Broker Robert Doyle in Firm Axiom Capital Management, INC.

July 9, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Robert Doyle (Doyle), currently associated with Axiom Capital Management, INC., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Doyle concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,000,000.00 on September 05, 2023.

Registered Representative took unauthorized discretion over the client’s account(s), excessive trading, suitability and fees.

Broker Michael Dandrea in Arete Wealth Management, LLC Firm Has Customer Complaint

July 8, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Dandrea (Dandrea), currently associated with Arete Wealth Management, LLC, has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Dandrea concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on September 19, 2023.

Claims breach of contract, breach of fiduciary duty, churning, fraud, negligence, unauthorized and unsuitable trading

Broker Richard Siminou in Kingswood Capital Partners, LLC Firm Has Customer Complaint

July 8, 2025 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Richard Siminou (Siminou), currently associated with Kingswood Capital Partners, LLC, has been subject to at least 3 disclosable events. These events include one customer complaint, 2 regulatory events. Several of those complaints against Siminou concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

FINRA BrokerCheck shows a final customer complaint on September 18, 2023.

On or about August 18, 2023, without admitting or denying the findings, Siminou entered into Acceptance, Waiver and consent (‘AWC’) with FINRA wherein Siminou consented to the entry of findings that he engaged in excessive and unsuitable trading in the accounts of two elderly customers. Siminou recommended purchases which resulted in an annualized cost-to-equity ratio requiring investments to grow by more than 29 percent and 34 percent, respectively, just to break even. As a result of Siminou’s unsuitable recommendations, the customers paid $17,021 in commissions and fees. Siminou was suspended for a period of four (4) months and agreed to pay a fine in the amount of $5,000 and to pay restitution of $17,201 plus interest.