FINRA Investigates SW Financial Stockbroker For Theft

Pratol Victor Agnihotri of Melville New York a stockbroker associated with SW Financial has been referenced in an investigation initiated by Financial Industry Regulatory Authority (FINRA) on October 18, 2019 in which he may face disciplinary action for possibly converting funds belonging to investors and for engaging in undisclosed outside business activities. FINRA Investigation No. 20190614402.

According to FINRA Public Disclosure, on October 18, 2019, the decision was made by FINRA to recommend that Department of Enforcement pursue disciplinary action against the stockbroker. The regulator suspects that Agnihotri was engaging in activities outside the auspices of his securities broker dealer employers and without their approval in violation of FINRA Rules 2010 and 3270. FINRA also indicated that Agnihotri could have misused funds belonging to investors in violation of FINRA Rule 2010.

Agnihotri has been referenced in three customer initiated investment related disputes concerning accusations of his improprieties while associated with securities broker dealers including JP Turner Company Co. LLC. and Aegis Capital Corp. FINRA Public Disclosure reveals that a customer initiated investment related complaint in reference to Agnihotri’s conduct was resolved for $7,300.00 in damages based upon accusations that trades were effected without approval by the customer during the period in which Agnihotri was associated with JP Turner Company.

Agnihotri is referenced in another customer initiated investment related complaint in which the customer requested $5,000.00 in damages based upon allegations that the customer was charged excessive commissions by the stockbroker and that trades were effected in the customer’s account by the stockbroker without the customer’s knowledge or consent when he was associated with Aegis Capital Corp.

On October 8, 2019, another customer filed an investment related arbitration claim concerning Agnihotri’s activities where the customer sought $650,000.00 in damages founded on accusations that a fiduciary duty was breached by Agnihotri in regard to the securities transactions that he executed while registered with Aegis Capital Corp. and without the securities broker dealer’s permission. According to the claim, the customer’s investment instructions were not complied with. Trades were allegedly executed without the customer’s permission. The customer also alleges negligence between 2013 and 2019 resulting in the customer’s investment losses. FINRA Arbitration No. 19-02787.

Agnihotri was registered with Aegis Capital Corp. between February 19, 2010 and October 20, 2017. Between October 26, 2017 and January 30, 2019, he was associated with Spartan Capital Securities. Since July 11, 2019, he has been associated with SW Financial. FINRA Public Disclosure also reveals that since October 19, 1999, Agnihotri has been associated with no less than four securities broker dealers which have been expelled by FINRA.