George Apolonides, also known as George Apollo, a former stockbroker with Spartan Capital Securities LLC in Garden City, New York, on October 8, 2024, was the subject of a Financial Industry Regulatory Authority (FINRA) enforcement proceeding where Apolonides admitted to a finding that he violated Regulation Best Interest (Reg BI) and FINRA rules.
Between March 2016 and April 2022, he excessively traded in four customer accounts, including those of three senior customers, resulting in $735,376 in realized losses and $618,911 in trading costs, of which $563,263 was in commissions. FINRA determined that Apolonides exercised control over the accounts, as customers routinely followed his advice. One notable account, belonging to a 69-year-old physician, had an annualized turnover rate of 31 and a cost-to-equity ratio of 114%, leading to $326,684 in losses. Letter of Acceptance, Waiver, and Consent (AWC) No. 2018056490318.
Apolonides was registered with Spartan Capital Securities LLC from January 2016 to December 2022 in Garden City, New York, and Southeast Investments, N.C. Inc. from February 2014 to January 2016 in East Meadow, New York.
