Investors Sue National Securities Corporation For Churning
Kirt Samuel of New York New York a stockbroker formerly employed by National Securities Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested $5,750,000.00 in damages supported by allegations that (1) unauthorized trades were executed in the customer’s account (2) the customer’s over-the-counter equities portfolio was churned (3) misrepresentations had been made to the customer (4) the customer’s account was handled in a negligent manner and (5) contractual and fiduciary obligations to the customer had been breached. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-01630 (June 20, 2016).
FINRA Public Disclosure additionally reveals that on February 8, 2012, a customer initiated investment related complaint involving Samuel’s activities was settled for $21,543.40 in damages founded on accusations that Samuel effected unauthorized stock trades in the customer’s account while he was associated with John Thomas Financial.
John Thomas Financial was expelled from FINRA membership on January 5, 2016, based upon allegations that it failed to pay $129,697.20 in fines assessed by FINRA Office of Hearing Officers according to an Extended Hearing Panel Decision containing findings that the firm, inter alia, traded ahead of customer orders; conduct violative of Rule 5320. Department of Enforcement v. John Thomas Financial, Inc., et al., Disciplinary Proceeding No. 20120334673-01 (Jan. 9, 2015).
Samuel’s registration with National Securities Corporation has been terminated as of August 7, 2018. Since July 10, 2018, Samuel has been associated with PHX Financial, Inc.
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