Andrew Owen Brown of Melville New York a stockbroker formerly registered with Aegis Capital Corp and Worden Capital Management LLC has been suspended by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity based upon accusations that Brown did not pay an Arbitration Award in which he was found liable for making unsuitable investment recommendations. Case No. 17-02024 (Oct. 15, 2019).
Brown has been identified in six customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including Aegis Capital Corp, JD Nicholas Associates Inc. and Trident Partners Ltd. FINRA Public Disclosure confirms that a customer initiated investment related arbitration claim concerning Brown’s activities was settled for $15,000.00 in damages based on accusations of unauthorized stock trades in the customer’s account by Brown during the time that he was employed by Trident Partners.
On May 2, 2016, another customer initiated investment related arbitration claim involving Brown’s conduct was settled to resolve allegations that Brown effected bad options and equities trades in the customer’s account while employed by JD Nicholas Associates Inc. The stockbroker was allegedly negligent and had overconcentrated the customer’s account in speculative over-the-counter equities. The claim also alleged that the customer’s investment account had been churned by the stockbroker and that transactions failed to be supervised by JD Nicholas Associates.
Brown is also referenced in a customer initiated investment related arbitration claim in which the customer requested $50,000.00 in damages based upon allegations including churning of the customer’s account. FINRA Arbitration No. 16-01204 (Dec. 20, 2017).
According to the claim, the stockbroker failed to abide by his fiduciary duty to the customer. The claim also alleged that transactions effected in the customer’s account were not suitable for the customer and that the stockbroker’s activities lacked supervision by JD Nicholas Associates.
Brown is the subject of another customer initiated investment related arbitration claim where the customer was awarded $58,533.00 in compensatory damages based upon Brown being found liable for the customer’s losses. FINRA Arbitration No. 17-02024 (July 3, 2019). According to the claim, Brown violated state and federal securities laws as well as FINRA rules. The claim also alleged breach of fiduciary duty and fraud in reference to Brown’s option trading strategy while registered with Aegis Capital Corp and JD Nicholas Associates.
Between December 19, 2017 and July 24, 2018, Brown was registered with Worden Capital Management.
