Edmund Roger Zack Fined and Suspended by FINRA

Soreide Law Group (888-760-6552) obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions,” May, 2021.
On March 19, 2021, Edmund Roger Zack (CRD #2215116, West Hempstead, New York) was issued an AWC in which Zack was assessed a deferred fine of $10,000, suspended from association with any FINRA member in all capacities for eight months, and ordered to pay deferred disgorgement of commissions received in the amount of $5,161, plus interest.
Without admitting or denying FINRA’s findings, Edmund Roger Zack, consented to the sanctions and to the entry of findings that he allegedly made unsuitable stock recommendations and engaged in excessive and quantitatively unsuitable trading in the account of one of his clients at his member firm.
FINRA’s findings stated that Edmund Roger Zack allegedly recommended the client actively trade in speculative, low-priced securities and increase his trading capacity by using margin. Zack did not have a reasonable basis to believe these transactions were suitable for the client, who had an investment objective of growth and a moderate risk tolerance, limited prior investment experience and no experience with margin.
According to the FINRA report, Edmund Roger Zack allegedly generated an annualized cost-to-equity of 122% and an annualized turnover rate of 22%. The client paid $10,424 in commissions and trading costs, and incurred losses of $11,357.
FINRA also stated that Zack exercised discretionary trading authority in client accounts without obtaining prior written authorization from the clients and the firm or discussing and receiving approval from each client before selling securities.
The FINRA findings also included that Edmund Roger Zack caused the firm to maintain inaccurate books and records by marking order tickets for solicited trades as unsolicited rather than solicited.
The suspension is in effect from April 5, 2021, through December 4, 2021.
(FINRA Case #2020068439201
According to FINRA’s BrokerCheck, Edmund Roger Zack has 20 years of experience in the securities industry and has been listed with 9 firms, the most current listed below:
09/23/2019 - 12/20/2019 DAWSON JAMES SECURITIES - NEW YORK, NY
04/18/2019 - 09/20/2019 BENCHMARK INVESTMENTS INC - New York, NY
10/26/2017 - 04/15/2019 WESTERN INTERNATIONAL SECURITIES INC - New York, NY
06/01/2012 - 11/17/2017 AEGIS CAPITAL CORP - NEW YORK, NY
If you or a loved one experienced financial losses due to the recommendations or actions of Edmund Roger Zack of New York, contact Soreide Law Group and speak to a lawyer at no cost to you regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis and represents clients nationwide before FINRA.
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