Spencer Winston Clients Indicate Ezri Shechter Made Unsuitable, Unauthorized Trades

Soreide Law Group is investigating possible claims against Ezri Shechter (CRD#: 2772177, Jersey City, New Jersey). Namely, the securities broker, who worked for Spencer Winston from 2004 to 2020, reports investor disputes about his sales practices. Not only that, but Financial Industry Regulatory Authority (“FINRA”) is investigating Ezri Shechter again after it just imposed a three month suspension and $12,500 fine against him for discretionary trading in violation of FINRA rules. Here’s a closer look at these incidents.

FINRA Investigates, Sanctions Ezri Shechter In 2020

Notably, FINRA is investigating Ezri Shechter with respect to his activities directed at clients. The investigation is ongoing. However, Shechter faced sanctions from FINRA prior to its investigation for discretionary trading at Spencer Winston. Between January and April 2020, FINRA suspended him from being a securities broker, and it also imposed a $12,500 fine for violating FINRA rules. A Letter of Acceptance, Waiver and Consent dated December 2019 indicates that Shechter not only failed to have discretionary authority for trading, but he also made his clients sign documents that he later competed, not his clients.

Spencer Winston Client Indicates Shechter Made Unauthorized Trades

Apparently, Shechter’s FINRA BrokerCheck Report shows a complaint on June 18, 2020. It appears that a Spencer Winston Securities Corp client disputed Ezri Shechter’s trading of corporate bonds and UITs. It seems that he traded without the client’s knowledge or consent. Also, it seems that Shechter exercised discretion to make trades that were not reasonable for the client. The securities broker could have possibly traded without taking into account the client’s risk tolerance and investment objectives. For this reason, the client demanded $25,000 in damages in this ongoing matter.

Investors Indicate That Ezri Shechter Gave Bad Advice, Breached Fiduciary Duty

Notably, a client of Spencer Winston brought a dispute about Ezri Shechter’s trading of bonds, stocks and options. For several years, Shechter supposedly made unauthorized trades and provided unsuitable recommendations. In addition, Shechter supposedly failed to place the client’s interests first, breaching a fiduciary duty and breaching a contract. Also, the Spencer Winston client suggested that Shechter concealed facts and misrepresented information relating to trades. For allegedly disregarding the client’s interests and instructions, Spencer Winston paid the client $20,000 to settle. Other claims about the securities broker allege excessive trading and churning.

Losses From Broker Ezri Shechter?

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Have you experienced losses by investing with Ezri Shechter? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Shechter.