Erez Law is currently investigating former Spartan Capital Securities, LLC broker Kevin Springstead (CRD# 4937429) regarding unsuitable investment recommendations. He was registered with the following brokerage firms in the past few years:
- Craft Capital Management LLC in New York, New York, from 2021 to 2022
- Arive Capital Markets in Bay Ridge, New York, from 2020 to 2021
- SW Financial in New York, New York, from 2019 to 2020
- Worden Capital Management LLC in New York, New York, from October to December 2019
- Reid & Rudiger LLC in New York, New York, in August 2019
- Spartan Capital Securities, LLC in New York, New York, from 2018 to 2019
In September 2023, FINRA suspended him indefinitely after 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.”
Kevin Springstead Customer Complaints
He has been the subject of three customer complaints between 2009 and 2021, according to his CRD report:
December 2021. “Time Frame: February 2013 through to Present. Alleged Allegations: Churning, Unsuitability, Breach of Fiduciary Contract, Misrepresentation, Unauthorized Trading, Failure to Supervise.” The customer sought $83,086.81 in damages, and the case was settled for $500,000.
December 2021. “Springstead was named in a customer complaint that asserted the following causes of action: churning for commissions and quantitative unsuitability (fraud) in violation of Rules 2111 and Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b5; qualitative and quantitative unsuitability (Rule 2111); failure to supervise and negligent supervision (Rule 3010); breach of fiduciary contract and implied covenant of good faith and fair dealing; negligent misrepresentation and omissions; standards of commercial honor and principles of trade (Rule 2010); and unauthorized trading and the exercise of discretion without having written authority.” The customer sought $1,564,987.73 in damages, and the complainants were awarded $3,139,901.54 in damages.
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, Spartan Capital Securities, LLC may be liable for investment or other losses suffered by Kevin Springstead’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.
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