Aegis Capital Sued For Breach Of Fiduciary Duty

Nick Eugene Son of New York New York a stockbroker formerly associated with Aegis Capital Corp. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $642,224.00 in damages supported by allegations that fiduciary and contractual duties that were owed to the Aegis Capital Corp. customer had been breached by Son and that transactions facilitated in the customer’s account by Son failed to be suitable for the customer and generated unwarranted losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00036 (Apr. 8, 2020).

FINRA Public Disclosure reveals that Son has been identified in three additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by GunnAllen Financial Inc. and Aegis Capital Corp. Son is the subject of a customer initiated investment related written complaint where the customer sought $18,357.00 in damages based upon accusations that the customer had been provided with bad investment advice from Son. According to the complaint, the GunnAllen Financial customer’s risk profile was disregarded by Son as it pertained to over-the-counter equities transactions that were effected in the customer’s account.

On December 22, 2016, a customer filed an investment related complaint involving Son’s conduct in which the customer requested damages estimated to exceed $5,000.00 based upon allegations of inappropriate margin use during the time that Son was associated with Aegis Capital Corp. The claim alleges that transactions effected in the customer’s account were not suitable for the customer. Son is the subject of another customer initiated investment related arbitration claim which was settled for $62,946.00 in damages on September 17, 2019 based upon allegations of unsuitable recommendations being made by Son at Aegis Capital Corp. According to the claim, trades were also executed by Son without the customer’s authorization.

Son’s employment with Aegis Capital Corp. was terminated on January 14, 2020. Since January 2, 2020, he has been employed by National Securities Corporation.