Ron Yehuda Itin of Jersey City, New Jersey, the President and Chief Compliance Officer of E1 Asset Management Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in certain principal capacities based upon allegations that Itin failed to supervise certain registered representatives. Letter of Acceptance, Waiver, and Consent No. 2018059121201 (October 18, 2022). According to the AWC, from January 2018 through June 2020, Itin failed to supervise a registered representative which resulted in unfair markups to customers. Therefore, Itin violated FINRA Rules 2010 and 3110.
This is not Itin’s first time receiving sanctions from FINRA. He was suspended from associating with any FINRA member in certain supervisory capacities because he failed to undertake reviews of customer accounts for potential excessive trading by stockbrokers at E1 Asset Management Inc. Letter of Acceptance, Waiver, and Consent No. 2010025835701 (June 5, 2015).
FINRA Public Disclosure shows that Itin is referenced in nine customer initiated investment related disputes concerning Itin’s conduct while associated with securities broker dealers, including Everest 1 Inc. and E1 Asset Management Inc. On November 27, 2001, a customer initiated investment related NASD securities arbitration claim involving Itin’s conduct resulted in the customer being awarded $21,854.25 in compensatory damages because Itin engaged in unauthorized trading. NASD Arbitration No. 01-02929.
On May 13, 2011, a civil action involving Itin’s conduct was settled for $80,000.00 in damages based upon allegations that Itin mismanaged investment accounts when Itin was associated with E1 Asset Management Inc. Civil Action No. 2008-356.
Itin was also referenced in a FINRA securities arbitration claim that was settled for $230,000.00 in damages based upon allegations that Itin failed to supervise certain registered representatives in connection with the recommendation and sale of over-the-counter equities. FINRA Arbitration No. 11-02478 (February 13, 2013).
On January 8, 2016, a FINRA securities arbitration claim involving Itin’s conduct was settled for $21,000.00 in damages based upon allegations that Itin breached a contract, made unsuitable recommendations, made misrepresentations of material fact, was negligent, failed to supervise certain registered representatives, and committed fraud in connection with the sale of stocks. FINRA Arbitration No. 14-02830.
Itin has been associated with E1 Asset Management Inc. in Jersey City, NJ, as a stockbroker since September 24, 1999.