Steven R. Luftschein, of Melville, New York, a stockbroker with Aegis Capital Corp., is currently subject to a pending customer dispute from June 3, 2016, in which a customer has requested $2,000,000.00 in damages in connection with allegations that Luftschein made investment recommendations that were unsuitable to customers, and mishandled the customers’ accounts.
Disclosure records reveal that Luftschein has been subject to eleven other disclosure incidents. On November 16, 2012, a customer lodged a dispute against Luftschein, requesting $24,377.92 in damages after alleging that Luftschein engaged in the unauthorized trading of the customer’s account. Luftschein settled a customer dispute on March 1, 2012, for $21,378.00 after a customer alleged that Luftschein improperly utilized margin in the customer’s account.
On October 20, 2010, Luftschein settled a customer dispute for $275,000.00 amid allegations of failing to supervise. On April 8, 2010, Luftschein settled a customer dispute for $275,000.00 after a customer alleged that Luftschein did not follow objectives of the customer, which caused the customer to bear significant financial losses.
On July 10, 2016, Luftschein settled a customer dispute for $15,000.00 after a customer alleged that Luftschein engaged in the unauthorized trading in the customer’s account, raked in excessive commissions, and made trades that were unsuitable for the client. Another customer lodged a dispute against Luftschein on March 22, 2004, and received $15,000.00 in damages after alleging that Luftschein made excessive commissions.
Luftschein settled a customer dispute on March 19, 2014, for $52,586.00 in damages after the customer alleged excessive commissions were charged. On March 16, 2004, Luftschein settled another customer dispute for $31,400.00 after the customer alleged excessive commissions were charged. On January 22, 2004, Luftschein settled another customer dispute for $40,000.00, amid allegations against Luftschein of engaging in unsuitable and excessive trading in the customer’s account, as well as effecting unauthorized transactions.
On March 21, 2001, Luftschein became subject to a customer dispute, in which the customer requested $11,480.00 in damages after alleging that Luftschein effected unauthorized trades in the customer’s account. Finally, Luftschein was subject to a customer dispute from June 29, 1999, where the customer requested $33,140.00 in damages after alleging that Luftschein traded excessively, and violated margin requirements.
Guiliano Law Group
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