James B. Schwartz, Former Financial Advisor with Aegis Capital Corp. Barred for Churning Allegations

April 2019 - James B. Schwartz, Former Financial Advisor with Aegis Capital Corp. Barred for Churning Allegations

FINRA reportedly barred James B. Schwartz CRD # 3043085) after allegations of churning and excessively trading the accounts of customers of his member firm. The complaint alleges that Schwartz’s trading was unsuitable and caused combined losses of more than $660,000 in these customers’ accounts.

FINRA alleges that Schwartz’s trading generated gross sales credits and commissions of approximately $277,705, of which he reportedly received more than $194,000. The complaint also alleges that Schwartz conducted fraudulent and deceptive trading by exercising de facto control over the customers’ accounts and engaging in unauthorized trading.

Schwartz purportedly executed trades with a total principal value of approximately $10 million without his customers’ authorization, including alleged unauthorized trades he executed in a customer’s account after the customer had died.
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