Securities Lawyers Blog

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kostas Tsamos (Tsamos), previously associated with Spartan Capital Securities, LLC, has at least 2 disclosable events. These events include 2 regulatory, alleging that Tsamos recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on October 08, 2024.

Without admitting or denying the findings, Tsamos consented to the sanction and to the entry of findings that he willfully violated the Best Interest Obligation under Rule 15l-1(a)(1) of the Securities Exchange Act of 1934 (Reg BI) by recommending a series of trades in customers’ accounts, four of whom were senior customers, that was excessive, unsuitable, and not in the customers’ best interests. The findings stated that Tsamos’ customers relied on his advice and routinely followed his recommendations and, as a result, he exercised de facto control over the customers’ accounts. Tsamos’s trading in the customer accounts resulted in total trading costs of $958,948, including $849,576 in commissions, and caused over $1.03 million in total realized losses.