Aegis Capital Corp. Pays $2.8 Million to FINRA Over Excessive Trading Complaint
On November 9, 2021, FINRA announced that Aegis Capital Corp. would pay a $2.8 million in connection with an excessive trading complaint. The $2.8 million includes restitution of $1.7 million, which will be paid to 68 customers whose accounts were impacted. An additional $1.1 million was paid as a fine for Aegis’ supervisory violations. Here are the fast facts about Aegis’s fine:
- The period of time is July 2014 through December 2018
- The activity involved eight Aegis brokers. FINRA does not identify them, but mentions that they worked in the Melville, New York and Wall Street branches.
- Thirty-one firm customers were impacted.
- Customers accounts had a break even point of 71.6%.
- FINRA brought a separate action against Aegis supervisors Joseph Giordano and Robert Birardi.