Securities Lawyers Blog
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.