- September 12, 2019
- Madison Avenue Securities
Satya B. Shaw (CRD # 1229175) was a Financial Advisor at Center Street Securities, Inc. in Wesley Chapel, FL. Satya Shaw has been in the securities industry since 1984 and previously worked at Madison Avenue Securities, AXA Advisors, MONY Securities, NYLife Securities, Corwall Securities and Lakshmi Investment Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Satya Shaw has four customer complaints disclosed on his CRD, alleging the following sales practice violations:
- May 2019 – “losses and unsuitability—2013 2014 2015 and 2016.” Alleged damages are $2,000,000 and the matter is currently pending.
- April 2016 – “client claims he did not receive his redemption on the date promised and that his paperwork was lost or misfiled.” The matter settled for $21,844.50.
- July 2004 – “THE CUSTOMERS ALLEGE THEIR “SECURE, PAID UP, AND GUARANTED POLICIES WERE CHANGED TO INSECURE AND RISKY POLICIES.” Alleged damages were $156,800.43.
- August 1997 – “ALLEGED I INDUCED THEM TO PURCHASE WHOLE LIFE POLICIES AND ALLEGED THE POLICIES WERE REPRESENTED TO THEM AS “SECOND-TO-DIE” INSURANCE POLICIES.” The matter settled for $25,000.
In addition, Satya Shaw has nine regulatory disclosures on his CRD, including the following:
- July 2019 – The Florida Office of Financial Regulation fined him $40,000.
- August 2017 – FINRA suspended him for six months and fined him $10,000 for “failing to disclose that he was a member of six limited liability companies, one of which received compensation in connection with the marketing of insurance and preparation of tax returns.”
- February 2000 – The Florida Department of Insurance fined Mr. Shaw for allegedly offering “an unlawful inducement to a person to encourage them to purchase life insurance.”
For a copy of Satya Shaw’s CRD, click https://brokercheck.finra.org/individual/summary/1229175.
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 firstname.lastname@example.org.