James Benjamin Fellus, of New York, New York, a stockbroker formerly registered with Spencer-Winston Securities Corporation, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to communicate with FINRA about his compliance with a customer initiated investment related settlement arrangement or arbitration award. Letter No. 12-04000 (May 8, 2017).
This is not the first time that Fellus has been the subject of a FINRA disciplinary action for wrongdoing. Particularly, on April 5, 2012, he was fined $5,000.00 by FINRA based upon allegations that he failed to furnish an annual report about supervisory controls; conduct violative of NASD Rule 3012, MSRB Rule G-27(F)(I), and FINRA Rule 2010. Letter of Acceptance, Waiver and Consent, No. 2009016245201.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Fellus is the subject of two additional customer initiated investment related disputes containing allegations of his misconduct while he was employed with Tejas Securities Group, Inc., White, Weld & Co. Securities, LLC, and Jesup & Lamont Securities Corp. Particularly, on July 28, 2016, a customer filed an investment related arbitration claim involving his conduct, where the customer requested $20,000,000.00 in damages based upon allegations of unauthorized corporate debt transactions having been effected in the customer’s account. The customer additionally alleged that Fellus did not adequately supervise the business activities of the firm concerning the customer’s investments.
Fellus has been associated with thirteen different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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