Former Spartan Securities and Aegis Capital Broker, Pratul Agnihotri, Is The Subject Of A FINRA Disciplinary Proceeding For Allegedly Converting Customer Funds
Pratul Agnihotri, (CRD # 4031797) was a Financial Advisor at Spartan Capital Securities and Aegis Capital Corp in New York, NY and Melville, NY, respectively. Pratul Agnihotri has been in the securities industry since 1999 and previously worked at Gunallen Financial and four other brokerage firms that have been expelled from the securities industry.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 18, 2019, FINRA made a preliminary determination to recommend that disciplinary action be taken against Pratul Agnihotri for allegedly converting customer funds in violation of FINRA rules and engaging in an unlawful outside business activity.
In addition, Pratul Agnihotri has been the subject of three customer complaints, alleging sales practice violations, including one pending complaint. The complaints allege the following:
- October 2019—”DECEMBER 2013 TO PRESENT. CLAIMANT ALLEGES UNAUTHORIZED TRADING, FAILURE TO FOLLOW INSTRUCTIONS, NEGLIGENCE, SELLING AWAY, BREACH OF FIDUCIARY DUTY.” Alleged damages are $650,000 and the matter remains pending.
- October 2010—”UNAUTHORIZED TRADING, EXCESSIVE COMMISSIONS.” The complaint was closed.
- February 2005—”CLIENT ALLEGES UNAUTHORIZED TRADES.” The matter was settled for $73,00.
For a copy of Pratul Agnihotri’s CRD, click https://brokercheck.finra.org/individual/summary/4031797#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.
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