FINRA Takes Action Against Tradespot Broker Mark Beloyan

Soreide Law Group is investigating potential claims on behalf of investors who may have sustained financial losses due to the actions of Mark Bedros Beloyan (CRD: 1392748, Davie, Florida). Beloyan was notably affiliated with Tradespot Markets Inc. in Davie, FL, from March 10, 1992, to December 7, 2021. Evidently, various allegations about Beloyan have surfaced. This includes his purported involvement in the sale of unregistered investments and his inadequate supervision. Additionally, he has been implicated in alleged churning and unsuitability cases.

FINRA Charged Beloyan With Allegations Related To Unregistered Sales

Notably, on September 13, 2022, FINRA initiated Case: 2019060700302 about Mark Beloyan. The regulator alleged that Beloyan facilitated the sale of unregistered shares of a company's common stock to the public. The regulator claimed that this was a violation of Section 5 of the Securities Act of 1933. Specifically, Beloyan was a participant in these transactions, as he opened client accounts, approved deposits, and executed sales through his former employer, Tradespot Markets, Inc. Moreover, he reportedly failed to adequately supervise the firm's compliance with Section 5 and anti-money laundering (AML) rules. Therefore, FINRA intends to sanction Beloyan for these alleged violations.

Mark Beloyan Disclosed Churning And Unsuitability Allegations By Tradespot Markets Inc. Client

Also, a client of Tradespot Markets Inc. contested Mark Beloyan's sales practices by filing FINRA Arbitration: 21-02752 on November 8, 2021. Notably, the customer alleged churning, quantitative and qualitative unsuitability, and failure to supervise, among other issues. The client's claims are primarily from 2014, 2015, and the first quarter of 2016, and the alleged damages amount to $103,366.26. It appears that Beloyan caused the client to sustain damages on stocks. Therefore, the client seeks compensatory relief either from Tradespot Markets Inc. or Beloyan in this ongoing matter.

FINRA Initiated Investigation Into Violations Of Various FINRA Rules And The Securities Act By Beloyan

Additionally, on May 13, 2021, FINRA launched an investigation into alleged violations committed by Mark Beloyan. Specifically, the allegations involved breaches of FINRA Rule 2010, 3310(a), and 3310(b), alongside shortcomings in the Anti-Money Laundering (AML) Compliance Program and a failure to adhere to Section 5 of the Securities Act of 1933.

Your Next Steps If You've Incurred Losses Due To Mark Beloyan

Did you experience losses because of Mark Beloyan? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has successfully recovered money for investors throughout the United States, operates on a contingency fee basis, and covers all costs upfront. Beloyan and the brokerage firms he worked for, particularly Tradespot Markets Inc., deny accusations of sales practice violations.