Leonid Yurovsky (also known as Lenny Yurovsky), of Mineola, New York, a stockbroker registered with Joseph Stone Capital LLC., has been suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Yurovsky engaged in excessive and unsuitable trading. Letter of Acceptance, Waiver, and Consent No. 2020066888401 (December 27, 2022).
According to the AWC, from June 2016 through November 2019, when he was associated with Joseph Stone Capital, Yurovsky recommended that a customer with limited investment knowledge place 252 trades between June 2016 and November 2019. The customer’s average monthly equity during that period was $158,600.00; however, Yurovsky recommended trades that resulted in the customer paying costs and commissions of $165,000.00. These recommendations also resulted in an annualized cost-to-equity ratio of 30%.
In another customer’s account, Yurovsky recommended 41 trades between July and December of 2016. On several occasions, Yurovsky recommended that the customer sell a security not long after purchasing it. In one instance, Yurovsky’s recommendations caused the customer to pay $700.00 in commissions and trading fees to generate less than $95.00 in profits. Yurovsky’s recommendations caused the customer to pay more than $10,600.00 in commissions and trading costs. Therefore, Yurovsky violated FINRA Rules 2010 and 2111.
Yurovsky has also been sanctioned by Arkansas Securities Department because Yurovsky engaged in excessive trading and made unsuitable recommendations when he was associated with John Thomas Financial. Case No. S-14-0041 (December 16, 2014).
Yurovsky was also referenced in a customer initiated investment related complaint that was settled on December 16, 2014, for $55,000.00 in damages based upon allegations that Yurovsky made unsuitable recommendations and made misrepresentations of material fact in connection with the sale of stocks when Yurovsky was associated with John Thomas Financial.
Yurovsky has been associated with Joseph Stone Capital LLC in Mineola, New York, as a stockbroker since April 4, 2016.
