UPDATE -January 2017-New pending customer dispute. Robert Estevez’s public records disclose that in 11/2016, customer of Paulson Investment Company alleged damages of $1.2 million for unsuitable investment recommendations and unauthorized trading from January 2010-August 2011. As of 12/2016, Schwartz is registered with Joseph Gunnar & Co.
Original Post–July 2016-Garden City, New York
The FINRA records of James B. Schwartz , a stock broker currently employed by First Standard Financial Co. , disclose 3 pending customer disputes, 1 prior final customer dispute and 6 currently outstanding judgement/liens.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
The currently pending disputes include:
- In June 2016 a customer of Schwartz’s prior employer, Aegis Capital Corp. alleges damages of $2,000,000 for unsuitable recommendations and mishandling their account from June 2013-January 2016. UPDATE January 2017-This case was settled for $782,000.
- In pending FINRA Case #15-3428, another Aegis Capital customer alleges damages in excess of $287,000 for excessive trading, negligence, breach of fiduciary duty and unsuitable recommendations.
- In pending FINRA Case #15-2901, another Aegis Capital customer alleges damages of $289,163 for for unauthorized trading, negligence, breach of fiduciary duty and misrepresentation. UPDATE January 2017-This case was settled for $95,000.
Schwartz discloses six tax liens to the Internal Revenue Service and New York State Taxation. Amounts range from $1,775 to $116,932.
Schwartz was only recently employed by First Standard Financial Co. in June 2016. Prior to that he was employed by Aegis Capital Corp from 6/2013-6/2016 and before that John Thomas Financial (expelled by FINRA 10/2013.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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