Category Archives: E1 Asset Management

E1 Asset Management Sanctioned by Securities Regulators for Supervisory Deficiencies

June 5 , 2015

E1 Asset Management , entered into a Letter of Acceptance, Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve numerous allegations related to supervision, including allegations that the company:

  • failed to establish and maintain a reasonable supervisory system
  • failed to conduct reasonable reviews designed to detect and prevent churning in customer accounts
  • failed to implement suitability reviews in customer accounts
  • failed to enforce the firm’s Heightened Supervision Program.
  • entered into numerous settlement agreement with customers that contained an ambiguous confidentiality clause that could be interpreted by customers as prohibiting them from cooperating with securities regulators in violation of NASD and FINRA rules.

Ron Y. Itin and Ahsan R. Shaikh, both General Securities Principals of the company,  were also sanctioned in the AWC for their participation in the regulatory failures.

AWC  No. 2010025835701

E1 Asset Management was censured and fined $25,000.  Itin and Shaikh were suspended from acting in a supervisory capacity for one month each.

E1 Asset Management has been registered as an introducing broker-dealer since 9/2009. Its main office is in Jersey City with branch offices in New York City, Cortlandt Manor, New York, and Alexandria Virginia.

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