On 10/30/2024, the Financial Industry Regulatory Authority (FINRA) suspended JESSE D KRAPF for five months for alleged excessive and unsuitable trading in a senior customer’s account, violating Regulation Best Interest.
JESSE D KRAPF is currently with SPARTAN CAPITAL SECURITIES, LLC since 10/22/2019. Krapf’s suspension begins 11/18/2024 and ends 4/17/2025.
According to FINRA’s “Regulatory” report, without admitting or denying FINRA’s findings, JESSE D KRAPF consented to the sanction[s] and to the entry of findings that he allegedly willfully violated the Best Interest Obligation under Rule 15l-1 of the Securities Exchange Act of 1934 (Regulation BI) by recommending a series of trades in a senior customer's account that were excessive, unsuitable, and not in the customer's best interest.
FINRA’s findings alleged that the customer relied on JESSE D KRAPF's advice and routinely followed his recommendations. As a result, Krapf allegedly exercised de facto control over the account. Krapf allegedly recommended in-and-out trading to the customer, even when the price of his recommended securities did not materially change. According to the FINRA report, JESSE D KRAPF's trading in the customer's account generated total trading costs of $96,496, including $92,847 in commissions, and caused $41,017 in total realized losses.
According to FINRA’s BrokerCheck, JESSE D KRAPF, has been in the securities industry for 15 years and has been listed with 10 firms. Krapf has 6 disclosures on his FINRA CRD report. One of the Disclosures is a settled, “Customer Dispute” dated 10/10/2018. The allegations against Krapf were, “CLAIMANT ALLEGES NEGLIGENCE AND BREACH OF FIDUCIARY DUTY.” The settlement amount was $165,000.00.
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