Erez Law is currently investigating former J.P. Morgan Securities, LLC broker Evan Schottenstein (CRD# 4929175) regarding elder abuse. Schottenstein was registered with J.P. Morgan Securities, LLC in New York, New York from 2014 to 2019, when he was terminated regarding “Concerns relating to trading activity for the account of a family member, and the accuracy of the records regarding the same.”
In April 2021, FINRA barred Evan Schottenstein after he “consented to the sanction and to the entry of findings that he refused to provide on the record testimony requested by FINRA in connection with its investigation regarding issues raised in the Form U5 filed by his former member in which he was terminated for concerns relating to trading activity for the account of a family member and the accuracy of the records regarding the same.”
In February 2021, his wealthy, elderly grandmother was granted $9 million in compensatory damages against Evan Schottenstein, $602,000 in compensatory damages against Avi Schottenstein (CRD# 5708665), and $4.71 million in compensatory damages against J.P Morgan Securities LLC regarding the following allegations: “The Customer alleges the Registered Representative conducted several unauthorized and unsuitable transactions in her account and signed documentation regarding an investment purchase on her behalf without her knowledge. Activity dates 2014-2019.” The complaint was regarding unauthorized trading; constructive investment fraud; breach of fiduciary duty; material misrepresentations; material omissions; and elder financial fraud of the brokers’ elderly grandmother. The complaints are related to unauthorized purchases of securities including stocks of Apple and initial public offerings (IPOs).
In August 2022, FINRA censured and fined J.P Morgan Securities LLC $200,000 regarding the firm’s failure to supervise Evan Schottenstein, related to unsuitable trades in his wealthy, elderly grandmother’s account.
In September 2022, FINRA indefinitely suspended him after they found that he “failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”
Evan Schottenstein has been the subject of three additional customer complaints between 2009 and 2019, one of which was withdrawn and two were denied, according to his CRD report.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, J.P. Morgan Securities, LLC may be liable for investment or other losses suffered by Evan Schottenstein’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.