Investors Sue J.D. Nicholas Associates For Churning
Nicholas George Tsikitas of Melville New York of Syosset New York a stockbroker formerly employed by J.D. Nicholas Associates Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $425,928.00 in damages based upon allegations that in reference to the customer’s options and equities investments: (1) unauthorized transactions were effected in the customer’s account (2) investments were in no way suitable for the customer and (3) trades were effected in the customer’s account on an excessive basis while Tsikitas was associated with J.D. Nicholas Associates Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01073 (Apr. 11, 2018).
FINRA Public Disclosure confirms that Tsikitas is referenced in seven additional customer initiated investment related disputes pertaining to accusations of Tsikitas’ violative conduct while employed with J.D. Nicholas Associates and AF Financial Securities Inc. Specifically, on August 22, 2008, a customer initiated investment related complaint involving Tsikitas’ conduct was settled for $130,000.00 in damages supported by allegations of unsuitable equity trades being executed in the customer’s account.
On September 30, 2013, another customer initiated investment related complaint regarding Tsikitas’ activities was resolved for $40,000.00 in damages founded on accusations of the customer’s investment account being overconcentrated in options positions causing the customer to incur losses. Thereafter, a customer initiated investment related arbitration claim regarding Tsikitas’ conduct was settled for $181,108.60 in damages based upon allegations of customer’s account being overconcentrated in speculative investments, negligently administered and churned by Tsikitas; unsuitable over-the-counter equities, options and stock trades being placed by Tsikitas in the customer’s account; and J.D. Nicholas Associates Inc. failing to supervise Tsikitas’ transactions. FINRA Arbitration No. 14-03697 (July 20, 2016).
Subsequently, a customer filed an investment related arbitration claim involving Tsikitas’ conduct where the customer requested $2,115,095.00 in damages supported by accusations that trades were effected in the customer’s account without the customer’s permission; and the customer’s investments in options, stock and over-the-counter equities were not appropriate for the customer given the customer’s objectives for investing, financial circumstances or tolerance for risk. FINRA Arbitration No. 16-03569 (Dec. 15, 2016). Furthermore, a customer initiated investment related arbitration claim concerning Tsikitas’ activities was settled to resolve allegations of Tsikitas’ unsuitable investment recommendations and inappropriate trades executed in the customer’s account. FINRA Arbitration No. 17-02024 (Nov. 27, 2017).
Tsikitas’ registration with J.D. Nicholas Associates Inc. has been terminated as of July 13, 2015. Since then, Tsikitas has been registered with Aegis Capital Corp.