Securities Arbitration Investment Fraud Lawyers » Misappropriation of Funds » Spencer-Winston Stockbroker Investigated By FINRA

FINRA Logo

Ezri Shechter (also known as Eddie Shechter) of Jersey City New Jersey a stockbroker registered with Spencer-Winston Securities Corporation is referenced in a Financial Industry Regulatory Authority (FINRA) investigation on June 17, 2020 in which Shechter’s activities with a customer are being reviewed for possible FINRA violations. FINRA Case No. 20190646958.

FINRA Public Disclosure confirms that Shechter has been fined $12,500.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he effected unauthorized trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2018057296401 (Dec. 17, 2019). According to the AWC, trades were placed by Shechter on a discretionary basis when he did not have written authorization from the securities broker dealer or those customers. He violated FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).

Shechter has been identified in five customer initiated investment related disputes regarding allegations of his improprieties while employed by securities broker dealers including Paragon Capital Markets, Bishop Rosen Co. Inc., and Spencer-Winston Securities Corp. FINRA Public Disclosure reveals that a customer initiated investment related complaint regarding Shechter’s conduct was settled for $37,999.00 in damages founded on accusations of breach of fiduciary duty and of unsuitable over-the-counter equities and options transactions. The complaint alleges that the customer’s account had been churned by the stockbroker.

Another customer initiated investment related FINRA securities arbitration claim regarding Shechter’s conduct was resolved for $35,000.00 in damages based upon allegations that trades were executed by the stockbroker on an excessive, unsuitable and unauthorized basis and that a fiduciary duty was breached resulting in damages. Shechter is also the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $100,000.00 in damages supported by accusations of excessive options trades by Shechter while at Spencer-Winston Securities Corp.

Shechter is referenced in another customer initiated investment related FINRA securities arbitration claim which was resolved for $20,000.00 in damages founded on allegations including negligence and the stockbroker’s failure to abide by the customer’s instructions. The claim alleges that unsuitable advice was provided to the customer and that equities, options and corporate bond trades lacked the customer’s consent. The claim also alleges that omissions were made to the customer in regard to the customer’s investment account at Spencer-Winston Securities Corp.

The stockbroker is the subject of a different customer initiated investment related written complaint on June 18, 2020 in which the customer sought $25,000.00 in damages based upon accusations that unit investment trust and corporate debt investments were not suitable for the customer and that unauthorized transactions were executed in the customer’s account while Shechter was associated with Spencer-Winston Securities Corp.

Shechter’s registration with Spencer-Winston Securities Corp has been terminated as of February 5, 2020.