Aegis Capital Financial Advisor, Nicholas Tsikitas, Has Eight Customer Complaints, Including One Two Complaints

• September 1, 2019
• Aegis Capital Corp

Nicholas Tsikitas (CRD # 2871712) is a Financial Advisor at Aegis Capital In New York, NY.  Nicholas Tsikitas has been in the securities industry since 1997 and previously worked at JD Nicholas & Associates and American Capital Partners.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Nicholas Tsikitas has eight customer complaints disclosed on his CRD, alleging sales practice violations.  Among the customer complaints include the following:

• April 2018—”CLAIMANT ALLEGES EXCESSIVE TRADING, UNSUITABLE TRANSACTIONS AND UNAUTHORIZED TRADING.”  Allaged damages are $425,928 and the matter remains pending.
• August 2017—”CLAIMAINT ALLEGES RR RECOMMENDED AN UNSUITABLE OPTION TRADING ACCOUNT.”  The matter was settled for $4,000. 
• December 2016—“Customer alleges “unsuitable transactions and unauthorized trades.”  Alleged damages are $2.1 million and the matter remains pending. 
• October 2014—”ALLEGED CLAIMS INVOLVE CHURNING, NEGLIGENCE, UNSUITABILITY, OVERCONCENTRATION, AND FAILURE TO SUPERVISE.”  The matter was settled for $181,108.
• December 2012—Customer alleges “concentrated positions.”  The matter was settled for $40,000.
• May 2008—”THE CUSTOMER ASSERTED THAT CERTAIN TRANSACTIONS IN THE ACCOUNT WERE UNSUITABLE. WHILE THE FIRM BELIEVED THAT THE TRANSACTIONS IN THE ACCOUNT WERE CONSISTENT WITH THE CUSTOMER’S SUITABILITY PROFILE, THE FIRM DECIDED TO SETTLE THE CLAIM ON A COST OF DEFENSE/NUISANCE VALUE BASIS.”  The matter was settled for $130,000. 

In addition to these customer complaint disclosures, Nicholas Tsikitas has been the subject of numerous regulatory infractions during his career.  In 2003, Nicholas Tsikitas was sanctioned by the state of Illinois for and the National Association of Securities Dealers (NASD).  The sanction with the NASD arose out of allegations that Nicholas Tsikitas “executed unauthorized purchases in customer’s accounts.”  Nicholas Tsikitas was suspended from operating as a financial advisor for ten days. 

In 2011, the state of Connecticut sanctioned Nicholas Tsikitas for causing “certain documents that were materially false or misleading to be filed with the commissioner.” 

For a copy of Nicholas Tsikitas’ CRD, click https://brokercheck.finra.org/individual/summary/2871712#disclosuresSection.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.  

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.