Worden Capital Managment Clients File Disputes Concerning Broker Christ Baltas

The Financial Industry Regulatory Authority (“FINRA”) reported that investors filed disputes about securities broker Christ Elias Baltas (CRD#: 2570499, Melville, New York). Namely, two investors filed disputes about Baltas’ sales practices. Those disputes seem to concern his actions while working for Worden Capital Management (Melville, New York). Not only that, but FINRA barred Baltas as a securities broker effective September 22, 2020 for alleged noncooperation in an investigation about his supervision of a securities broker. Let’s take a closer look at these incidents.

Worden Capital Management Client Alleges Excessive, Unauthorized Trading In Dispute About Christ Baltas

It appears that Christ Baltas worked for Worden Capital Management as securities broker and supervisor from December 2016 to May 2020. Supposedly a client of his (or his subordinate) at Worden Capital Management filed a FINRA Arbitration Claim in July 2021. Evidently, the client referred to Baltas’ actions in this dispute.

This client first alleged that the securities broker made quantitatively unsuitable (excessive) trades in their account. Secondly, the broker is accused of unauthorized trading. Thirdly, the client alleged that the broker breached a fiduciary duty and breached a contract. For this reason, it appears that the client sustained damages on over-the-counter equities trades and stock trades from December 2016 and 2020. For this reason, they demanded $330,113 in compensation from the securities firm or the securities broker in this ongoing matter.

Client Of Worden Capital Management Alleges Misrepresentation, Unsuitable Advice

In addition, a client expressed concern about Christ Baltas through a FINRA Arbitration Claim filed in April of 2021. Allegedly, the securities broker misrepresented facts and omitted facts in connection with the client’s investments. Secondly, it appears that the broker purportedly made unsuitable investment recommendations. Further, the claim alleges that there was a failure by Worden Capital Management to supervise the securities broker’s trading. Allegedly, the client sustained damages from August 2015 to January 2020. They seek $284,108 in damages at the present time.

FINRA Bars Christ Baltas For Not Testifying In FINRA’s Investigation

Basically, securities brokers under investigation are required to comply with FINRA’s requests. Otherwise they could face a bar or other sanction as securities broker. Typically, these requests require the broker to provide documents and information, or to testify, or both. In this case, FINRA investigated what Christ Baltas did at Worden Capital Management as it related to his supervision. Specifically, FINRA asked him to explain his supervision of a securities broker’s recommendations. Baltas did not want to cooperate by testifying, and evidenced this with the regulator by agreeing to the sanctions of a bar. For purportedly violating FINRA’s investigation rules, Baltas is no longer allowed to work as a securities broker for FINRA-member firms effective September 22, 2020.

Did You Sustain Damages By Investing Through Baltas?

Did Christ Baltas (or a securities broker under his supervision) cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for many United States investors who incurred losses because of their financial advisors and securities brokers. Please note that Baltas denies all allegations of his sales practice violations.

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