Three New York brokers, Benjamin Chouchane, Marek Leszczynski, and Henry Condron, who all previously worked the cash desk at their Wall Street broker/dealer, had judgments entered against them on January 14, 2014, for overcharging clients $18.7 million. These brokers used hidden markups and markdowns, keeping secretly a portion of the profits from the trades. This occurred more than 36,000 times in over a four year period. The disgorgements ordered were as follows: Condron $168,336 plus interest of $39,339, Chouchane $2,007,408 plus interest of $442,169, and Leszczynski $1,500,000. These cases brought by the SEC ranged from just a few dollars to $228,000.
According to the SEC, the brokers filled the client's order at the limit price
but then used opportune moments to sell a portion back to make a secret profit. Then the brokers would report back to the customer that they couldn't fill the order at the limit price.
Benjamin Chouchane was previously registered with the following FINRA firm(s):
LOUIS CAPITAL MARKETS, LP (CRD# 48013) - NEW YORK, NY
04/2011 - 10/2012
LINKBROKERS DERIVATIVES CORPORATION (CRD# 123000) - JERSEY CITY, NJ
02/2005 - 01/2011
REFCO SECURITIES, LLC (CRD# 14094) - NEW YORK, NY
12/2002 - 02/2005
LOUIS CAPITAL MARKETS, LLC (CRD# 48013) - NEW YORK, NY
10/2002 - 12/2002
Marek Leszczynski was previously registered with the following FINRA firm(s):
MADISON CAPITAL MARKETS, INC. (CRD# 139515) - MIAMI, FL
04/2011 - 10/2012
LINKBROKERS DERIVATIVES CORPORATION (CRD# 123000) - JERSEY CITY, NJ
10/2005 - 12/2010
Henry Condron was previously registered with the following FINRA firm(s):
MADISON CAPITAL MARKETS, INC. (CRD# 139515) - NEW YORK, NY
04/2011 - 10/2012
LINKBROKERS DERIVATIVES CORPORATION (CRD# 123000) - JERSEY CITY, NJ
03/2005 - 11/2010
REFCO SECURITIES, LLC (CRD# 14094) - NEW YORK, NY
07/2003 - 02/2005
If feel your broker inappropriately marked-up or marked-down your account, Soreide Law Group offers investors a free consultation and portfolio analysis to decide if you have legal grounds to pursue a FINRA arbitration. To speak with a lawyer call: (888) 760-6552.
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