Aegis Capital To Pay $2.75M For Churning in FINRA Case
68 Customers To Receive Restitution From NY-Based Broker-Dealer, Aegis Capital
The Financial Industry Regulatory Authority (FINRA) has sanctioned Aegis Capital, which will pay about $2.8M for the excessive and unsuitable trading that allegedly took place in dozens of customers’ accounts.
Of this amount, $1.7M in restitution will go to 68 customers who were potentially harmed. The remaining $1.1M is a fine the broker-dealer will pay for related supervisory violations involving Aegis brokers Roberto Birardi and Joseph Giordano.