Steven Pagartanis, of Setauket, New York, a stockbroker formerly registered with Cadaret, Grant & Co., Inc., has been terminated by the firm on March 20, 2017, based on allegations that the firm received a customer initiated investment related arbitration claim pertaining to Pagartanis’ conduct that contained accusations of conversion of the customer’s funds, securities fraud and selling away. The firm alleged that Pagartanis resigned a day prior to the firm having examined his branch in regard to the matter, and that information and documentation requested by the firm was not provided by Pagartanis as a result.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Pagartanis is the subject of two customer initiated investment related disputes in reference to allegations of his wrongdoing while he was associated with Woodbury Financial Services, Inc. and Cadaret, Grant & Co., Inc. Particularly, a customer initiated investment related arbitration claim involving Pagartanis’ conduct was settled for $80,000.00 in damages based upon allegations that during the time Pagartanis was associated with Cadaret, Grant & Co. Inc., a variable annuity purchased by the customer was misrepresented and unsuitable considering the omission of a guaranteed minimum income benefit from the contract. FINRA Arbitration No. 14-01052 (Dec. 19, 2015).
Pagartanis was then named in a customer initiated investment related arbitration claim on August 25, 2017, where the customer requested $245,000.00 in damages supported by allegations of misrepresentation, negligence, suitability and fraud regarding real estate investment transactions effected in the customer’s investment account. FINRA Arbitration No. 17-00323 (Feb. 28, 2017).
Pagartanis became employed with Lombard Securities Incorporated on September 7, 2017. Since June 29, 1989, Pagartanis has been associated with twelve different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.
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