Gus Tsamos, Spartan Adviser, Allegedly Made Excessive Trades
Gus Tsamos (CRD# 2782014), formerly a broker registered with Spartan Capital Securities, recommended excessive and unsuitable trades, according to a recent sanction. MDF Law is investigating the former Garden City, New York-based financial professional for similar conduct. Former clients who suffered losses should call our firm for a free, confidential consultation.
More information about the allegations involving Mr. Tsamos follow below. The information in this post is based on a November 22, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.
FINRA Action Alleges Unsuitable, Excessive Transactions
On October 8, 2024, FINRA undertook a disciplinary action against Mr. Tsamos. A Letter of Acceptance, Waiver, and Consent (# 2018056490316) outlines the regulator’s findings. As it alleges, Mr. Tsamos recommended a series of trades to six customers “that was excessive, unsuitable, and not in the customers’ best interests.”
Of the six customers, per FINRA, four were senior citizens. One was a 78-year-old retiree with an investment goal of “growth/aggressive income.” Between 2016 and 2022, Mr. Tsamos allegedly recommended 439 trades in the customer’s account, generating costs of $182,860 and realized losses of $123,622. Another was a 65-year-old professional with the same investment objective. Between 2016 and 2020, Mr. Tsamos allegedly recommended 255 trades in this customer’s account, causing costs of $214,311 and losses of $253,388.
A third investor, per FINRA, was a 58-year-old professional whose investment goal was “speculation.” In this customer’s account, Mr. Tsamos allegedly recommended 276 trades between 2017 and 2022. These trades allegedly resulted in costs of $257,610 and losses of $343,960.
FINRA concluded that Mr. Tsamos’s alleged trades violated industry rules. As a result, the regulator suspended him for a period of 17 months. He neither admitted to nor denied the findings, but he did accept and consent to them.
Gus Tsamos’ History of Investor Disputes
Between 1999 and 2020, five parties of investors filed disputes involving Mr. Tsamos. These claims alleged, among other things, that he misrepresented investments, recommended unsuitable products, churned investments, and breached contract. They also included allegations of negligence, breach of fiduciary duty, and unauthorized trading. His former member firms settled these disputes for a total of $311,000.
FINRA: Broker Last Based in Garden City, New York
Mr. Tsamos started working as a broker when he joined Investors Associates in 1996. Over the following years, he worked at firms like Redstone Securities, La Jolla Capital, Millennium Securities, J.P. Turner & Company, and Southeast Investments. He joined his most recent member firm, Spartan Capital Securities, in 2016, and worked at its Garden City, New York office until 2022. With 26 years of experience as a broker, he has completed four industry exams, including the Series 63 and the Series 24.
Investment Losses? You May Have Recovery Options
Have you lost money on investments recommended by Gus Tsamos? The dedicated investment fraud attorneys at MDF Law may be able to help you recover losses. With decades of experience advocating for broker fraud victims, our attorneys have recovered more than $100 million for their clients. We accept cases on a contingency basis and provide free consultations to investors nationwide. Call 800-767-8040 to chat about your circumstances today.