Kim Marie Monchik (also known as Kim Marie Amendola) of New York New York a stockbroker currently registered with Spartan Capital Securities LLC is the subject of a Financial Industry Regulatory Authority (FINRA) investigation in which FINRA believes that Monchik should face disciplinary action based on potential violations of its rules relating to customer disputes. Case No. 20190615280 (Aug. 26, 2020).
According to FINRA Public Disclosure, Monchik potentially violated FINRA Rules 2010 and 1122 as well as FINRA By-Laws Article V Section 2. The regulator indicated that Monchik was required to show in the public record that investors brought investment related FINRA securities arbitration claims and had named her in those disputes as someone who allegedly made sales practice violations.
Monchik was named in a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $41,842.00 in compensatory damages according to Monchik being found liable on the customer’s claims of mismanagement by a stockbroker who was under Monchik’s control at Spartan Capital Management. FINRA Arbitration No. 15-01911 (Apr. 8, 2016).
According to the claim, the Spartan stockbroker made misrepresentations regarding trades, and had churned the customer’s account. The claim also alleges a breach of fiduciary duty and breach of contract. Trades were allegedly not suitable for the customer’s needs and were intended for the stockbroker to generate commissions from them. Spartan Capital Securities allegedly failed to supervise which resulted in unauthorized trading.
Monchik has been registered with Spartan Capital Securities since July 31, 2008.
