Satya Brata Shaw (also known as Satyabrata Shaw) of Wesley Chapel Florida a stockbroker formerly registered with Center Street Securities has been issued an Order by Florida Office of Financial Regulation in which he was fined and required to cease and desist from engaging in conduct violative of Florida securities laws and administrative rules supported by allegations that Shaw executed unsuitable real estate transactions with customers during the time that he was registered with Center Street Securities Inc. Case No. 68124a-S (July 16, 2019).
This is not the first time that Shaw has been sanctioned by a securities regulator for misconduct. In particular, Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Shaw has been fined $10,000.00 and suspended from associating with FINRA member in any capacity based upon consenting to findings that he engaged in undisclosed outside business activities. Letter of Acceptance Waiver and Consent No. 2016050095801 (Aug. 7, 2017). According to the AWC, from February 8, 2010 to November 18, 2016, Shaw worked for six limited liabilities companies, one or more of which was in the business of selling insurance products and providing tax preparation services. The five companies had been owned by Shaw’s wife; however, they were managed by Shaw. All of the business activities of these LLCs pertained to real estate securities transactions. FINRA found Shaw’s failure to disclose these activities to constitute violations of FINRA Rules 2010 and 3270.
FINRA Public Disclosure confirms that Shaw is referenced in three additional customer initiated investment related disputes containing accusations of his violative conduct while he was employed with New York Life Insurance Company, Center Street Securities, and NYLife Securities. Specifically, a customer initiated investment related complaint concerning Shaw’s activities was resolved for $25,000.00 in damages founded on allegations that Shaw induced the customer’s purchase of survivorship whole life policies by making unfounded statements about the terms.
Another customer filed an investment related complaint involving Shaw’s behavior where the customer sought $156,800.43 in damages based upon accusations that the customer was placed into bad whole life insurance policies, and omissions had been made by the stockbroker concerning the tax ramifications of transactions. On May 9, 2016, a customer filed an investment related complaint in regard to Shaw’s conduct in which the customer requested $21,844.50 in damages supported by allegations that the customer incurred losses on alternative investment transactions effected by Shaw when he was employed by Center Street Securities.
Also, a customer filed an investment related arbitration claim regarding Shaw’s activities where the customer sought $2,000,000.00 in damages founded on accusations that the customer had been placed into alternative investments and insurance products between 2013 and 2016 that failed to be suitable and which caused the customer to experience unjustified losses. FINRA Arbitration No. 19-01180 (May 7, 2019).
