UPDATED January 2019-In 9/2018, the US Securities & Exchange Commission filed a civil suit alleging that Botvinnik engaged in fraud involving excessive commissions to enrich himself while his customers experienced significant losses. As a result his customers lost about $2.7 million while he earned about $3.7 million, according to the complaint.
As of January 2018 Botvinnik is not currently registered with any brokerage firm. After leaving SW Financial in 10/2017, he was employed by Worden Capital Management from 10/2017-2/2018.
UPDATED APRIL 2017– Botvinnik discloses the settlement FINRA Case 16-3284 filed by a customer of Salomon Whitney Financial (SW Financial ) alleging damages of$50,000 for unsuitable and high frequency trades, highly leveraged account and not minimizing risk. In February 2017 the case was settled for $30,000.
Original Post—July 2016
The FINRA records of Emil Botvinnik , a stockbroker who is currently employed by Salomon Whitney Financial , disclose 4 prior customer disputes , a pending customer dispute and a termination from employment.
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.
In July 2014 a customer of Meyer Associates alleged damages of $385,000 for excessive commissions. That matter was settled for $385,000 with Botvinnik contributing $192,500 toward the settlement.
In currently pending FINRA Case#16-01051 a customer of Meyers Associates alleges damages of $99,000 for suitability and churning.
Botvinnik has been employed by Salomon Whitney Financial since 11/2015. Prior to that he was with Newport Coast Securities from 11/2014-11/2015 and before that with Meyers Associates 6/2012-11/2014.
In 9/2009 Botvinnik was permitted to resign from Liberty Partners Financial Services who alleged unauthorized trades and use of discretion over a client.
Investors who suffered losses in an account handled by Emil Botvinnik , may be entitled to recover damages through FINRA arbitration.
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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