Jonathan E. Rago, of Melville, New York, a stockbroker with Craig Scott Capital, LLC, is subject to a pending customer dispute from November 6, 2015, in which a customer requested $29,806.00 after alleging churning, and unsuitable investment recommendations.
Public Disclosure records also reveal that on May 22, 2015, Rago was fined $7,500.00, and had his securities registration suspended pursuant to an Order by The State of Arkansas Securities Department. The Order stated that Rago cold-called a resident of Arkansas, in which Rago recommended the investment in Himax Technologies, Inc. Apparently, unbeknownst to Rago, the resident was actually a securities examiner and had received the cold-call on the examiner’s business line.
The Order stated that the resident was told that Himax, which at the time traded at roughly $10.68 per share, was due to increase to more than $15.00 per share based on Rago’s prediction. Rago purportedly stated that his prediction was based on a series of events happening, in which Google would be purchasing Himax shares and Himax would be developing materials for Google Glass. Rago was found by The State of Arkansas’ Securities Department to have failed to conduct an adequate suitability analysis of the resident prior to making the recommendation.
Guiliano Law Group
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