MACK L MILLER of SPARTAN CAPITAL NY

MACK LEON MILLER (MACK L MILLER, MACK MILLER, MARK MILLER) currently a registered representative with SPARTAN CAPITAL SECURITIES, LLC of New York, NY, since 4/27/2017, has been suspended by FINRA for nine months.  The start date is 9/2/2025 and the end date is 6/1/2026. 

According to the FINRA report, without admitting or denying FINRA’s findings, MACK L MILLER consented to the sanctions and to the entry of findings that he allegedly violated the Best Interest Obligation under Rule 15/-1(a)(1) of the Securities Exchange Act of 1934 (Reg Bl) when he recommended to two senior clients, a series of trades that were excessive, unsuitable, and not in the clients' best interests.

FINRA’s findings stated that MACK L MILLER's trading generated $32,230 in commissions and resulted in $71,022 in realized losses. One of the clients allegedly relied on Miller's advice and routinely followed his recommendations, and as a result, Miller exercised de facto control over that client's account.

According to FINRA’s BrokerCheck available on FINRA’s website, MACK L MILLER, has been in the securities industry for 20 years and has been listed with 21 firms. Miller has 5 disclosures on his FINRA CRD report. There are two “Regulatory” disclosures listed, two “Customer Disputes,” and one “Employment Separation after Allegations” dated 4/20/2017, stating that Miller was “permitted to resign” from Dawson James Securities following the allegations, “Rep had called a prospective customer in a state where he was not registered.”

The other “Regulatory” disclosure on Miller’s CRD report dated 4/9/2020 suspended him for five months and ordered Miller to pay $2,500.00 in restitution.  The allegations were, “Without admitting or denying the findings, Miller consented to the sanctions and to the entry of findings that he engaged in quantitatively unsuitable trading in the account of a customer who was over 79 years old and retired at the outset of the trading. The findings stated that Miller actively traded the customer's account, resulting in a high turnover rate and cost-to-equity ratio, as well as significant losses. The trading was unsuitable given the customer's investment profile. Miller typically purchased and held different stocks for short periods, including for under one week. The costs of the trading strategy, in the form of mounting commissions and fees, made it difficult for the customer to profit from the trades. Then, Miller's recommended even more active trading in the customer's account. The trading included instances of Miller purchasing and selling securities within a few days resulting in thousands of dollars of losses after subtracting the associated sales charges. The accumulating costs of Miller's trading, including commissions and margin interest, made it virtually impossible for the customer to break even, much less profit from the trading. As a result of Miller's trading, the customer lost $69,633.”

Soreide Law Group posted the following blog post in 2020:

Mack Miller Suspended For Unsuitable Trading - Securities Lawyer

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