Investors Sue Aegis Capital For Structured Products and Churing
Nicholas George Tsikitas of Melville New York a stockbroker currently registered with Aegis Capital Corp. is the subject of a customer initiated investment related arbitration claim where the customer sought $450,000.00 in damages based upon accusations that (1) fiduciary obligations were breached (2) transactions were unsuitable given the customer’s investment profile (3) the customer’s portfolio had been churned by the stockbroker and (4) false statements or omissions were made to the customer concerning structured product transactions effected when Tsikitas was associated with Aegis Capital. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03002 (Oct. 8, 2019).
FINRA Public Disclosure reveals that Tsikitas is referenced in eight more customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including JD Nicholas Associates Inc., AF Financial Securities Inc. and Trident Partners Ltd. Specifically, a customer initiated investment related arbitration claim involving Tsikitas’ conduct was settled to resolve allegations that when Tsikitas was associated with JD Nicholas, his options recommendations were not suitable given the customer’s risk tolerance, investment objectives or overall circumstances. FINRA Arbitration No. 17-02024 (Nov. 27, 2017).
Another customer initiated related arbitration claim concerning Tsikitas’ activities has been resolved for $12,500.00 in damages founded on accusations that when Tsikitas was employed by JD Nicholas, purchases or sales of over the counter equity investments had been executed without the customer’s permission, and transactions were unsuitable for the customer in view of the customer’s objectives for investing and tolerance for risk. FINRA Arbitration No. 16-03569 (Aug. 29, 2019).
Tsikitas is also referenced in a customer initiated investment related arbitration claim which has been settled for $12,500.00 in damages supported by allegations that transactions were facilitated in the customer’s account by the stockbroker without consent from the customer, and common or preferred stocks failed to be suitable because of the customer’s circumstances when the stockbroker was employed by JD Nicholas. FINRA Arbitration No. 18-01073 (Aug. 29, 2019).
Also, Tsikitas has been suspended by National Association of Securities Dealers (NASD) from associating with any NASD member in any capacity based upon accusations that trades were effected without authorization from a customer when Tsikitas was associated with First Montauk Securities Corporation. Letter of Acceptance Waiver and Consent No. C9A030010.
Tsikitas has been employed by Aegis Capital since November 28, 2014.