Leonid Yurovsky Investigation
April 2023– New York, NY
According to publicly available records, Leonid Yurovsky, a broker for Joseph Stone Capital, discloses a final regulatory matter resulting in a 5 month suspension from FINRA in all capacities.
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 12/2022 without admitting or denying the FINRA findings, Yurovsky consented to the sanctions and to the entry of findings that he excessively and unsuitably traded customer accounts. The findings stated that Yurovsky recommended that a customer, a farmer with with limited investment experience, place trades in his account. The customer’s average monthly equity in his firm account was approximately $158,600, yet Yurovsky’s recommendations resulted in the customer paying $165,000 in commissions and other trade costs. Yurovsky also recommended that another senior customer sell a security shortly after purchasing it, even though Yurovsky’s recommendation to purchase the security had resulted in paying a substantial commission. Both customer relied on Yurovsky’s advice and accepted his recommendations. These recommended transactions, which collectley resulted in the customers paying approximately $175,600 in commissions and other charges were excessive and unsuitable. The FINRA sanctions were five month suspension, beginning 1/17/2023, in all capacities and a $10,646 fine to be paid by Yurovsky individually.
Earlier in his career, in 2014, while employed by John Thomas Financial, Arkansas securities regulators found that Yurovsky engaged in excessive and unsuitable trading and ordered him to make restitution to a customer.
In 2013, a John Thomas Financial customer alleged unsuitability and misrepresentation. The case settled for $55,000.
Yurovsky has been with Joseph Stone Capital since 4/2016. Before that he was with PHX Financial, Inc., National Securities Corporation, John Thomas Financial and Laidlaw & Company.
If you have suffered losses in an account handled by Leonid Yurovsky contact us for a no charge consultation to learn how you may be able 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.
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