Articles Tagged with Mack Miller

shutterstock_140321293-200x300According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Mack Miller (Miller), associated with Spartan Capital Securities, LLC (Spartan Capital) has been subject to at least three customer complaint, one regulatory action, and three judgement or liens during his career.  The complaint against Miller concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.

In April 2020, FINRA found that Miller consented to sanctions and findings that he engaged in quantitatively unsuitable trading in the account of a customer who was over 79 years old and retired. FINRA determined that Miller actively traded the customer’s account resulting in a high turnover rate, cost-to-equity ratio, and significant losses. FINRA found that the trading was unsuitable given the customer’s investment profile. ¬†Further, the costs of the trading strategy, in the form of commissions and fees, made it difficult for the customer to profit from the trading. The trading FINRA describes included instances of Miller purchasing and selling securities within a few days resulting in thousands of dollars of losses after subtracting the associated sales charges. The customer was found to have lost $69,633 from the trading.

In April 2017, brokerage firm Dawson James Securities terminated Miller when he called a prospective customer in a state where he was not registered to conduct business in.

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