Former Spartan Capital Securities, LLC Broker Dean Kajouras Faces $1.6 Million Customer Complaint

Posted on Tuesday, November 5th, 2019 at 12:02 pm    

Spartan Capital Securities

Former Spartan Capital Securities, LLC broker Dean Kajouras (CRD# 1436548) accused of unsuitable over-concentration in customer accounts. Kajouras has been registered with Fordham Financial Management, Inc. in New York, New York since 2014. Previously, Kajouras was registered with Spartan Capital Securities, LLC in New York, New York from 2008 to 2014.

In October 2016, Massachusetts sanctioned Kajouras to a $60,000 fine following these allegations: “The Administrative Complaint alleges that Mr. Kajouras unsuitably overconcentrated a retired investor’s portfolio in a single security.” The allegations took place while Kajouras was employed by Spartan Capital Securities, LLC and it was regarding common and preferred stocks.

Kajouras has been the subject of eight customer complaints between 1994 and 2019, two of which were closed without action and one was denied, according to his CRD report. Recent complaints are regarding:

June 2019. “Misrepresentation, breach of contract, breach of fiduciary duty, statutory and common law fraud, suitability.” The customer is seeking $1,600,000 in damages and the case is currently pending. This took place while Kajouras was employed by Spartan Capital Securities, LLC and it was regarding private placements.

July 2017. “Excessive fees and commissions, suitability, over trading, concentration, breach of contract.” The customer sought $185,376 in damages and the case was settled for $15,000. This took place while Kajouras was employed by Spartan Capital Securities, LLC and it was regarding common and preferred stocks and private placements.

March 2016. “Without specificity, the Claimant is alleging unsuitability, churning, over concentration, unauthorized transactions, negligence, breach of contract, misrepresentation, and lost opportunity.” The customer sought $115,414.22 in damages and the case was settled for $38,000. This took place while Kajouras was employed by Spartan Capital Securities, LLC and it was regarding common and preferred stocks.

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 Kajouras’ customers.

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