FINRA Investigates Broker Pratul Agnihotri For Conversion

The Financial Industry Regulatory Authority (“FINRA”) announced that it is investigating securities broker Pratul Agnihotri (CRD#: 4031797, Melville, New York) for alleged conversion (theft) of a client’s funds. Namely, FINRA came to an initial determination to recommend its enforcement division pursue a disciplinary action against Agnihotri for allegedly violating FINRA rules which concern outside business activities and stealing funds from investors.

FINRA’s investigation could be about Pratul Agnihotri’s actions when he worked for securities firms Aegis Capital Corp. (February 19, 2010 to October 20, 2017), Spartan Capital Securities, LLC (October 26, 2017 to January 30, 2019), or SW Financial (July 11, 2019 to present). If liable, Agnihotri faces a permanent bar from the securities industry. Evidently, FINRA’s investigation and possible disciplinary action is pending.

Aegis Client Brings Dispute Indicating Pratul Agnihotri Made Unauthorized Trades

A client of Aegis Capital Corp brought FINRA Arbitration #: 19-02787 on October 8, 2019. First of all, the client alleged that Pratul Agnihotri made trades without the client’s consent. Not only that, but Agnihotri supposedly failed to listen to the client’s investment instructions, and negligently traded or facilitated securities transactions. The Statement of Claim also shows that Agnihotri allegedly participated in private securities transactions, which if true, could be a violation of FINRA rules. Moreover, Agnihotri allegedly failed to comply with his fiduciary responsibility to the client. For this reason, the client demanded $650,000 in damages in this ongoing matter.

Complaint From Aegis Client Indicates Agnihotri Charged Excessive Commissions

Previously, an Aegis client filed a formal dispute challenging Pratul Agnihotri’s actions which supposedly generated losses for the client. In this 2010 claim, Agnihotri is alleged to have engaged in the unauthorized trading of OTC equities. Supposedly, Agnihotri made commissions which the client suggested to be unreasonable and excessive. However, the client reportedly took no further action after bringing the complaint.

J.P. Turner Client Alleges Pratul Agnihotri Made Unauthorized Trades

Pratul Agnihotri used to work for J.P. Turner. Apparently, a client of J.P. Turner challenged Agnihotri’s sales practices through bringing a dispute in 2005. Allegedly, Agnihotri made trades which the J.P. Turner client neither knew about nor approved. For this reason, Agnihotri paid the client $7,300 to settle.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Did you experience losses by placing your investable assets with Pratul Agnihotri? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.