Aegis Client Indicates That Broker Made Sales Practice Violations
Investor alert! The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of misconduct regarding securities broker Mickey Schreiber, who also goes by the name M.B. Schreiber (CRD#: 1032600, Red Bank, New Jersey). Apparently, Schreiber worked for securities firms including National Securities Corporation (2012 to 2016) and Aegis Capital Corp. (2016 – present). Here’s what we know so far.
Apparently, a client of Aegis took aim at Mickey Schreiber in February 2020 through a FINRA Arbitration Claim. First of all, the client alleged unsuitability. This could mean that Schreiber failed to take into consideration the client’s investor profile prior to making recommendations. Secondly, the client indicated that Schreiber made unauthorized trades and churned the client’s account. Churning is typically where a broker primarily makes trades to benefit themselves financially through excessive trading.
Next, Mickey Schreiber supposedly misrepresented and omitted facts in connection with the client’s investments. In addition, the claim makes allegations of breach of contract and breach of fiduciary. It is possible that Schreiber might have failed to act in the client’s best interests. Because of this, Schreiber paid the client $40,000 to settle this matter in March 2020.
Prior Client Disputes About Mickey Schreiber
Evidently, FINRA reports two other disputes about Schreiber. Apparently, a Concord Equity Group client disputed Mickey Schreiber’s sales practices through a 2002 NASD Arbitration Claim. Namely, the client indicated that Schreiber sold unsuitable investments. It seems that Schreiber might have also misrepresented the nature or terms of certain fixed income investments. Apparently, given the circumstances, Schreiber paid the client $80,000 in order to settle this dispute alleging his sales practice violations. Following this dispute, a second Concord Equity Group client took issue with Schreiber’s allegedly unsuitable OTC equity trades. However, this matter was denied.
FINRA Issues Suspension, Fine To Schreiber For Borrowing From Firm’s Client
In addition to the client disputes, FINRA sanctioned Mickey Schreiber. In a 2010 AWC, FINRA issued Schreiber a 60-day suspension and $10,000 fine to resolve allegations of Schreiber’s violation of NASD rules. It appears that Schreiber borrowed $100,000 from a First Montauk Securities Corp. client without authorization.
Moreover, BrokerCheck shows that Summit Brokerage Services disaffiliated with Mickey Schreiber. The firm indicated that it discharged Schreiber because he accepted a client’s beneficiary form for a variable annuity without approval.
Did You Experience Losses By Investing Through Mickey Schreiber?
Have you experienced losses because of Mickey Schreiber? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Schreiber denies all allegations of his sales practice violations.