George Apollo Allegedly Made Excessive Trades
George Apollo (CRD# 3101928), formerly a broker registered with Spartan Capital Securities, made excessive and unsuitable trades, according to a recent disciplinary action. MDF Law is investigating the former Garden City, New York-based financial professional for similar conduct. If you have concerns about your accounts, contact us for a free, confidential consultation.
To learn more about the allegations against Mr. Apollo, continue reading this post. The information herein is based on a November 22, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record. As it reflects, he is also known as George Apolonides.
Sanction Alleges Excessive and Unsuitable Trades
On October 8, 2024, FINRA published a Letter of Acceptance, Waiver, and Consent (# 2018056490318) outlining its disciplinary action against Mr. Apollo. As the Letter describes, FINRA found that he “excessively traded four customers’ accounts.” The customers in question relied on his advice and regularly followed his recommendations, FINRA found. This means that he exercised “de facto control” over their accounts. His alleged trades “resulted in high turnover rates and cost-to-equity ratios” that exceeded traditional goalposts. According to FINRA, his trades resulted in total costs of more than $618,000, while causing more than $735,000 in realized losses.
FINRA: George Apollo Made Excessive Trades in Senior Customer’s Account
FINRA’s AWC Letter describes two of the customers whose accounts Mr. Apollo allegedly traded excessively. Per the allegations, one was 68 years old at the time he opened his account. He allegedly had speculative investment goals, and Mr. Apollo’s trades in his account resulted in $229,352 in total costs, while causing $326,684 in realized losses.
The other customer was 79 years old at the time he opened his account. A retired banker, he also had speculative investment goals. Mr. Apollo’s alleged trades in his account allegedly resulted in total costs of $158,322, according to FINRA, and realized losses of $115,721.
FINRA Rules Prohibit Excessive, Unsuitable Trades
FINRA concluded that Mr. Apollo’s alleged trades violated multiple industry rules. One is Regulation Best Interest, which prohibits unsuitable and excessive trading in customer accounts. Another is FINRA Rule 2111, which requires brokers to recommend investments that are suitable for a customer. Finally, FINRA Rule 2010 requires brokers to “observe high standards of commercial honor and just and equitable principles of trade.” As a result of these findings, FINRA indefinitely suspended Mr. Apollo from registering with any member firm in any capacity.
FINRA: Broker Last Based in NYC
Mr. Apollo started working as a broker in 1999, when he registered with Joseph Stevens & Company in Brooklyn. His career has included tenures at J.P. Turner & Company, Hunter Scott Financial, and Southeast Investments. He joined Spartan Capital Securities in 2016 and worked at its Garden City, New York office until 2022. With 23 years of experience as a broker, he has completed three industry exams, including the Series 63 and the Series 7.
Contact MDF Law About Your Broker Fraud Case
Have you lost money investing with George Apollo, also known as George Apolonides? MDF Law may be able to help you. Our broker fraud lawyers have proven experience recovering millions in investment losses for their clients. We currently offer free consultations nationwide: call 800-767-8040 to discuss your options today.