Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Chakos (Chakos), previously associated with Worden Capital Management LLC, has been subject to at least 2 disclosable events. These events include 2 customer complaints. Several of those complaints against Chakos 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 $330,113.00 on July 08, 2021.
Churning and quantitative unsuitability; unauthorized trading; standards of commercial honor and principles of trade; and, breach of fiduciary contract. Alleged activity dates are December 2016 through late 2020, although only activity from October 2017 forward was margin sellouts