Bryan J. Moskowitz, of New York, New York, a stockbroker formerly registered with Spartan Capital Securities was sanctioned by FINRA for issued engaging in excessive and unsuitable trading of his customer accounts between November 2017 and March 2019. Letter of Acceptance, Waiver, and Consent (AWC) No. 2018056490320.
According to the AWC, one customer, a veterinarian in his sixties, relied on Moskowitz’s advice and routinely followed his recommendations, granting Moskowitz control over the account. During this period, Moskowitz recommended 50 transactions, resulting in an annualized turnover rate of 18 and a cost-to-equity ratio of approximately 93 percent. These trading practices generated total trading costs of $16,902, including $13,145 in commissions, and caused $81,614 in realized losses. Despite minimal price changes in the recommended securities, Moskowitz continued high-frequency in-and-out trading, demonstrating unsuitable recommendations.
On November 11, 2024, Moskowitz consented to FINRA’s findings through a Letter of Acceptance, Waiver, and Consent. He agreed to sanctions including a three-month suspension from associating with any FINRA member in any capacity, a $5,000.00 fine, and restitution of $13,145 plus interest to the affected customer.
The AWC detailed that Moskowitz’s trading strategy resulted in excessive costs and significant losses, failing to align with the customer’s investment profile, financial needs, and risk tolerance. This conduct violated FINRA Rule 2111, which mandates that recommendations be suitable based on a customer’s investment profile, and Rule 2010, requiring members to observe high standards of commercial honor.
Moskowitz’s employment history showed several prior associations with brokerage firms, including Legend Securities Inc., and Worden Capital Management LLC, both of which faced regulatory scrutiny. Following the conclusion of FINRA’s investigation, Moskowitz was discharged from NYLIFE Securities LLC, where he had been employed since June 2023. The firm terminated Moskowitz on December 2, 2024, following the regulatory action.
