EVAN A SCHOTTENSTEIN (CRD#: 4929175), a former financial advisor with JP Morgan Securities, LLC of New York, has been barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm on April 7, 2021. Schottenstein was previously registered both as a broker and as an investment advisor.
According to FINRA, without admitting or denying FINRA’s findings, EVAN A SCHOTTENSTEIN consented to the sanction and to the entry of findings that he allegedly refused to provide on the record testimony requested by FINRA in connection with its investigation regarding issues raised in the Form U5 filed by his former member in which he was terminated for concerns relating to trading activity for the account of a family member and the accuracy of the records regarding the same.
In a recent article in AdvisorHub, it was reported that EVAN A SCHOTTENSTEIN was accused of allegedly trading his wealthy grandmother’s assets without her knowledge and it is alleged he may have committed misconduct while managing about $80 million for Beverley Schottenstein when she was a client of JPMorgan for nearly five years.
AdvisorHub reported that EVAN A SCHOTTENSTEIN and his younger brother, Avi, were both dismissed from JPMorgan in 2019 after their grandmother accused them and the bank of allegedly putting her money in risky investments without her knowledge so they could charge high fees and commissions. Their grandmother also stated her name had allegedly been forged on financial documents. Their grandmother is seeking as much as $69 million in damages and has brought an arbitration case against her grandsons.
According to reports, in February an arbitration panel ruled in their grandmother’s favor, finding that EVAN A SCHOTTENSTEIN, his brother, and J.P. Morgan Securities LLC, liable for abusing their fiduciary duty and making fraudulent misrepresentations. The arbitrators also found the bank and Evan Schottenstein liable for elder abuse. FINRA ordered JP Morgan and the bankers to pay the grandmother, Beverley Schottenstein, approximately $19 million, in damages, legal fees and the return of money invested in a private equity fund.
According to FINRA’s BrokerCheck, EVAN A SCHOTTENSTEIN was in the securities industry for 13 years and had 6 Disclosures on his CRD report. One of the Disclosures, a “Customer Dispute” from July of 2019, alleged, “The Customer alleges the Registered Representative conducted several unauthorized and unsuitable transactions in her account and signed documentation regarding an investment purchase on her behalf without her knowledge. Activity dates 2014-2019.” The damages granted were $9,000,000.00.
EVAN A SCHOTTENSTEIN was with 3 firms, the most recent listed below:
03/10/2014 – 07/23/2019 J.P. MORGAN SECURITIES LLC – NEW YORK, NY
06/01/2009 – 03/25/2014 MORGAN STANLEY – NEW YORK, NY
If you or an elderly loved one suffered financial losses due to the actions or recommendations of EVAN A SCHOTTENSTEIN formerly of JP Morgan Securities, LLC, of New York, NY, contact Soreide Law Group and speak to an experienced securities lawyer at no cost 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, no fee to you if no recovery. We represent clients nationwide before FINRA.