Satya Brata Shaw (also known as Satyabrata Shaw) of Wesley Chapel Florida a stockbroker formerly registered with Center Street Securities Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $140,000.00 in damages based upon accusations that unsuitable alternative investments and real estate investment trusts were sold to the customer by Shaw during the time that she was associated with Center Street Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01497 (May 21, 2020).
Shaw has been identified in four additional customer initiated investment related disputes containing allegations of her misconduct while she was employed with NYLife Securities and Center Street Securities. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Shaw’s conduct was settled for $25,000.00 in damages based upon allegations that misrepresentations had been made to the NYLife customer by Shaw concerning survivorship whole life policies that had been sold to the customer.
Another customer filed an investment related complaint concerning Shaw’s activities where the customer sought $156,800.43 in damages founded on accusations that Shaw steered the customers towards transitioning from secure and paid-up whole life insurance policies into insecure variable life insurance policies. The complaint also indicates that Shaw caused customers to experience undue tax consequences because of the transactions.
On May 9, 2016, a customer initiated investment related complaint pertaining to Shaw’s conduct was settled for $21,844.50 in damages supported by allegations that the Center Street Securities customer’s paperwork relating to alternative investment transactions had been mishandled and that the customer did not receive redemptions according to the promises which had been made by the stockbroker. Shaw has also been referenced in a customer initiated investment related arbitration claim in which the customer requested $2,000,000.00 in damages supported by allegations of the customer being placed into bad alternative investments and insurance products by Shaw between 2013 and 2016 which caused the customer to experience losses. FINRA Arbitration No. 19-01180 (May 7, 2019).
FINRA Public Disclosure additionally reveals that Shaw has been subject of nine disciplinary actions from insurance or securities regulators. She was the subject of a Stipulation and Consent Order issued by Florida Department of Insurance in which she was fined and placed on probation for at least one year based upon accusations of her improperly inducing a customer’s life insurance purchase during the time that Shaw was associated with Mony Securities Corporation. Shaw was also the subject of an Order issued by Florida Office of Financial Regulation in which she was fined $40,000.00 and ordered to cease and desist violating Florida Statutes Chapter 517 based upon findings that Shaw engaged in prohibited practices relating to securities transactions and had placed at least two investors in unsuitable real estate securities during the time that she was associated with Center Street Securities. Case No. 68124a-S (July 16, 2019).
