Investor Alert: Former Aegis Capital Corp. Financial Advisor Shadi Barakat
Posted on Wednesday, September 27th, 2017 at 1:14 pm
Erez Law is currently investigating former Aegis Capital Corp. financial advisor Shadi Barakat (CRD# 5031281) regarding excessive trading and unsuitable investment recommendations. Barakat has been registered with Spartan Capital Securities, LLC in New York, New York since May 2017. Previously, he was registered with Aegis Capital Corp. in New York, New York from 2010 to 2017.
Barakat has been the subject of three customer complaints between 2013 and 2017, according to his CRD report:
March 2017. “Time frame: 06/01/2013 to 06/01/2016. Claimant alleges excessive trading and unsuitable investment recommendations.” The customer is seeking $652,346 in damages and the case is currently pending.
October 2015. “Time frame: unspecified. Claimant alleges unsuitability, unauthorized transactions, negligence, misrepresentation and breach of fiduciary duty.” The customer is seeking $195,723.67 in damages and the case is currently pending.
June 2013. “Churning,unsuitable recommendations.” The customer sought $500,000 in damages and the case was settled for $360,000.
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 Barakat’s customers.
Erez Law represents investors in the United States for claims against former Aegis Capital Corp. financial advisor Shadi Barakat regarding excessive trading and unsuitable investment recommendations. If you were a client of Aegis Capital Corp. or another firm, and 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.