Danny Sookram Fired by Equitable Following Excessive Trading
Public records maintained by Financial Industry Regulatory Authority (“FINRA”) show that former broker Danny Sookram (CRD No. 6113338) was terminated by Equitable Advisors in March 2026. According to FINRA BrokerCheck, the firm alleged that Mr. Sookram engaged in excessive trading in a client account involving over-the-counter securities. This information was accessed on April 28, 2026.
What Is Excessive Trading or “Churning”?
Excessive trading, sometimes called “churning,” occurs when a broker makes frequent trades in a customer’s account primarily to generate commissions or fees. These cases often involve accounts with high turnover, repeated in-and-out transactions, or trading activity that does not match the customer’s investment goals.
FINRA rules require brokers to recommend investments that are suitable for the customer. Brokers must consider factors such as the client’s age, financial condition, investment objectives, and risk tolerance. Over-the-counter (“OTC”) securities can present additional risks because many OTC stocks trade with limited liquidity and less public reporting than exchange-listed securities. Both FINRA and the U.S. Securities and Exchange Commission (“SEC”) have repeatedly warned investors about speculative OTC investments and high-risk trading practices.
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Danny Sookram Involved in other Customer Complaints
FINRA BrokerCheck also shows that Mr. Sookram was previously named in a customer arbitration claim filed in 2020. According to the disclosure, the customer alleged unsuitable investment recommendations, breach of fiduciary duty, and breach of contract. The matter settled in February 2022 for approximately $35,084.55. The disclosure states that Mr. Sookram did not personally contribute to the settlement.
Although settlements do not establish wrongdoing, prior customer complaints may still provide useful information for investors evaluating a broker’s professional history.
BrokerCheck records indicate that Mr. Sookram previously worked for Aegis Capital Corp. before joining Equitable Advisors. The records further indicate that he later became associated again with Aegis Capital Corp. in Melville, New York after leaving Equitable Advisors. Public records also show that he passed the Series 7, Series 63, and Series 66 licensing examinations.
What Is FINRA BrokerCheck?
FINRA operates BrokerCheck as a free public database that allows investors to review a broker’s background before investing money with them. BrokerCheck contains information concerning employment history, customer complaints, regulatory actions, licensing examinations, and terminations from prior firms.
Many investors do not realize how much information is publicly available about brokers and investment advisers. Reviewing BrokerCheck records before opening an account can help investors identify potential warning signs, including multiple customer complaints, frequent job changes, or prior allegations involving sales practices.
FINRA Arbitration Claims for Excessive Trading Losses
Most brokerage agreements require disputes between investors and brokerage firms to be resolved through arbitration before the Financial Industry Regulatory Authority (“FINRA”) rather than through traditional court litigation. FINRA operates the largest securities arbitration forum in the United States and administers claims involving misconduct by stockbrokers, investment advisors, and brokerage firms. Investors who suffer financial losses may have claims involving excessive trading (churning), unsuitable investment recommendations, unauthorized trading, failure to supervise, misrepresentations or omissions, breach of fiduciary duty, elder financial abuse, negligence, and violations of federal or state securities laws.
A skilled FINRA attorney can help investors investigate brokerage misconduct, obtain account records and trading history, work with financial experts, and present claims before a FINRA arbitration panel. Unlike court litigation, FINRA arbitration generally proceeds on an expedited basis and involves specialized arbitrators with experience in the securities industry. Although the process is less formal than court, FINRA arbitration still requires careful legal preparation, strategic presentation of evidence, and a detailed understanding of securities regulations and industry practices.
Depending on the facts of the case, investors may be able to recover trading losses, excessive commissions, out-of-pocket damages, rescission damages, lost opportunity costs, interest, attorneys’ fees where authorized, and other relief. In cases involving misconduct by a stockbroker or brokerage firm, prompt action is important because FINRA claims are subject to eligibility rules and statutes of limitation that may limit recovery if claims are not timely pursued.
At MDF Law, our FINRA attorneys represent investors nationwide in securities arbitration matters involving stockbroker fraud, unsuitable investment recommendations, unauthorized trading, private placements, margin abuse, options trading losses, and other forms of financial misconduct. We understand the complexities of the FINRA arbitration process and work to hold brokerage firms accountable when investors suffer substantial financial harm.
Did You lose Money with Danny Sookram?
The disclosures involving Danny Sookram highlight why investors should carefully review a broker’s history before investing substantial funds. BrokerCheck remains one of the most important tools available to the investing public.
If you believe your financial advisor engaged in excessive trading, unsuitable recommendations, unauthorized trading, or other misconduct, the attorneys at MDF Law PLLC may be able to help. Our firm represents investors in FINRA arbitration claims nationwide. For a free and confidential consultation, contact MDF Law at 800-767-8040 to discuss your potential case.