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.

FINRA AWC: Aegis Capital

AWC With Aegis Supervisors Joseph Giordano & Robert Birardi

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