There are options for clients of Aegis Capital Corp. broker M B Schreiber (CRD# 1032600) who suffered investment losses. He was registered with Aegis Capital Corp. in Red Bank, New Jersey, from 2016 to 2022, when he was terminated regarding “The firm decided to end the business relationship as a result of the registered representative’s recent regulatory settlement and permitted the registered representative to resign.” Previously, he was registered with National Securities Corporation in Red Bank, New Jersey, from 2012 to 2016, and with Newbridge Securities Corporation in Red Bank, New Jersey, from 2007 to 2012. He was previously registered with Summit Brokerage Services, Inc. in Red Bank, New Jersey for 10 months in 2007 when he was terminated regarding “permitted the holding of customer’s statements without written instructions from customer. Accepted a customer’s beneficiary designation to a variable annuity without disclosing and obtaining approval from firm.”
In March 2010, FINRA sanctioned him to pay a $10,000 civil and administrative penalty and fine and suspended him for 60 days after it was found that he borrowed money from one of his customers in violation of his firm’s procedures.
In October 2022, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and suspended him for three months after it was found that he exercised discretion without written authorization when executing securities transactions, without providing prior written authorization; Aegis Capital Corp. also did not approve the accounts as discretionary. FINRA reported that “Schreiber improperly marked 181 order tickets as “unsolicited” when in fact he had solicited them because he had recommended the transactions to the customers, causing the firm to maintain inaccurate books and records with respect to these trades.” FINRA also found that he used his personal email address to communicate with firm customers, and he did not disclose the use of his personal email to Aegis Capital Corp. nor provide them with copies of the correspondence.
M B Schreiber Customer Complaints
He has been the subject of four customer complaints between 2000 and 2022, one of which was closed without action, according to his CRD report. The most recent complaints are regarding:
March 2022. “Time frame: Unspecified. Claimant alleges unsuitability and breach of contract.” The case is currently pending. The complaint took place while he was registered with Aegis Capital Corp., and it was regarding common and preferred stocks.
February 2020. Time frame: unspecified. Unsuitability, unauthorized trading, churning, misrepresentation, negligence, breach of contract, breach of fiduciary duty, omission of material facts.” The customer sought $98,000 in damages, and the case was settled for $40,000. The complaint took place while he was registered with Aegis Capital Corp.
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, Aegis Capital Corp. may be liable for investment or other losses suffered by M B Schreiber’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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