Investors Complain About Ron Itin

Soreide Law Group is investigating possible investor claims against Ron Yehuda Itin (CRD: 2344151, Jersey City, New Jersey). Specifically, Financial Industry Regulatory Authority (FINRA) BrokerCheck discloses that investors disputed the sales practices of the securities broker, who worked for E1 Asset Management Inc. Here is a brief summary of the disclosures about Itin.

Itin Faced Allegations By E1 Asset Management Inc. Client

Particularly, a client of E1 Asset Management Inc. contested Ron Itin’s sales practices by filing FINRA Arbitration: 23-01693 on June 12, 2023. It appears that Itin caused the client to sustain damages. Therefore, the client seeks compensatory relief from E1 Asset Management Inc. or Itin in this ongoing matter.

E1 Asset Management Inc. Investor Accused Ron Itin Of Sales Practice Violation

Also, on May 9, 2023, an E1 Asset Management Inc. client filed FINRA Arbitration: 23-00643 about Ron Itin. Supposedly, the client sustained damages on options, stocks, and over-the-counter equities. Therefore, the client requested $4,000,000 in compensation from E1 Asset Management Inc. or Itin. Evidently, this arbitration is pending a resolution.

FINRA Sanctions Itin For Failure To Supervise

Also, on October 18, 2022, FINRA issued Letter of Acceptance, Waiver, and Consent No. 2018059121201 sanctioning Ron Itin for infractions. Notably, FINRA alleged that Itin failed to supervise certain representatives.

Itin and his company, E1 Asset Management, failed to supervise markups charged to their regular clients. Evidently, the company was supposed to consider availability and cost of stock, and how much it cost them to carry out client orders. But in reality, they allegedly only checked if the charges were more than five percent.

Because of this, they didn't notice that they were overcharging clients on some transactions. These involved company bonds, where they were trading on behalf of themselves. They were charging clients 3.75 percent, even when the security was easily available and it didn't cost them much to process the orders.

Supposedly, Itin and E1 Asset Management had FINRA reports that showed them how their charges compared to others in the same business. These reports seemingly showed that their charges were too high. Specifically, in some cases, they charged 3.75 percent at a point when the average charge was only .15 percent. Despite this, they didn't bother to look into it or check if their charges were fair. As a result, clients had to pay an extra $37,629.82.

What Was The Outcome?

Itin and his company agreed to the punishment without admitting or denying they did anything wrong. They received fines and other penalties that added up to $5,000. Itin can't work in any managerial role for a month, except for finance-related operations. This started on November 21, 2022, and ended on December 20, 2022.

E1 Asset Management Inc. Investor Accused Ron Itin Of Breach Of Contract

Also, an E1 Asset Management Inc. client filed FINRA Arbitration: 14-02830 about Ron Itin. Namely, the client alleged that Itin breached a contract, engaged in unsuitable trading, made misrepresentations, was negligent, and negligently supervised certain representatives. Because of this, the client allegedly sustained damages on stocks. Therefore, on January 8, 2016, E1 Asset Management Inc. settled this matter by paying the client $21,000 in damages.

Itin Sanctioned By FINRA For Failure To Supervise

Notably, FINRA issued Letter of Acceptance, Waiver, and Consent No. 2010025835701 on June 5, 2015 sanctioning Ron Itin for infractions. Notably, Itin failed to supervise certain representatives.

Evidently, Itin’s brokerage firm didn't have a sufficient monitoring system in place. As a key person in the firm, it was Itin's job to make sure that a suitable monitoring system was running. According to the findings, Itin failed in carrying out necessary checks to spot and stop too much trading in client accounts. Supposedly, he did not keep proper records of suitability assessments and approval of leveraged exchange traded fund transactions in client accounts. Therefore, he was suspended in his role as a supervisor in 2015.

E1 Asset Management Inc. Investor Accused Ron Itin Of Failure To Supervise

Additionally, an E1 Asset Management Inc. client filed FINRA Arbitration: 11-02478 about Ron Itin. Namely, the client alleged that Itin failed to supervise certain representatives. Because of this, the client allegedly sustained damages on over-the-counter equities. Therefore, on February 13, 2013, E1 Asset Management Inc. settled this matter by paying the client $230,000 in damages.

Employment Information

Itin joined E1 Asset Management Inc. as a securities broker in September 1999.

Did E1 Asset Management Inc. Securities Broker Ron Itin Cause You To Experience Damages?

Sustained damages by investing with Ron Itin? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with a skilled securities attorney concerning a potential recovery of your investment losses. Soreide Law Group, who has helped recover money for hundreds of investors across the United States, represents clients on a contingency fee basis and advances all costs. Itin and brokerage firms Itin worked for deny any and all allegations of sales practice violations.