Financial Advisor Emil Botvinnik (Worden Capital Management, LLC) Customer Complaints

• September 23, 2018
• Worden Capital Management
• Spartan Capital
• SW Financial
• Windsor Street Capital

The Wolper Law Firm, P.A. is currently investigating claims against Emil Botvinnik and Jovannie Aquino.  Botvinnik is a former Financial Advisors at Worden Capital Management and SW Financial in New York.  Aquino is a former Financial Advisor at Spartan Capital Securities and Windsor Street Capital in NY.  Both have been in the securities industry since the early 2000s and have worked for a number of small brokerage firms, many of which have since been expelled from the securities industry.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on September 7, 2018, the SEC initiated an enforcement proceeding against both Botvinnik and Aquino for engaging in unlawful and unsuitable investment strategies within customer accounts.  Specifically, he SEC enforcement complaint alleges:

“Botvinnik solicited at least five customers to open securities trading accounts at the firm where he was employed and assured them that he would employ a profitable trading strategy on their behalf. Botvinnik recommended a strategy to these customers involving frequent, short-term trades, while charging them costly commissions and fees for each trade. The frequency of Botvinnik’s trading, coupled with the commissions and fees on every trade, made it almost certain that his customers would lose money from this strategy. Indeed, the customers’ investments would need to achieve annual returns of approximately 31% to 150% just to pay for the transaction costs associated with Botvinnik’s recommendation.”

For a copy of the SEC litigation press release, click https://www.sec.gov/litigation/litreleases/2018/lr24277.htm

In addition, Botvinnik has had six customer complaint filed against him in a relatively short career, including the following:

• November 2016—Customer alleges “unsuitable and high frequency of trades, highly leveraged account and not minimizing risk.” The matter was settled for $30,000.
• April 2016—Customer alleges “suitability and churning.” The matter was settled for $49,000.
• September 2014—”CLIENT ALLEGED THAT THE PRE-ARRANGED COMMISSION SCHEDULE WAS NOT FOLLOWED.” The matter was settled for $385,000

Aquino has a similar complaint history with clients alleging unauthorized trading.

For a full copy of Botvinnik and Aquino’s FINRA disclosure reports, click:

https://brokercheck.finra.org/individual/summary/4359481#disclosuresSection

https://brokercheck.finra.org/individual/summary/4876661

If you or someone you know was a customer of Emil Botvinnik or Jovannie Aquino and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.