Securities Arbitration Lawyers BlogAEGIS Corporation, Paul A. Falcon
Paul A. Falcon
CRD# 2464566
Silver Law Group is reviewing customer complaints against Boca Raton office of Aegis Capital Corp. broker Paul A. Falcon that alleges he exercised unauthorized trading in client brokerage accounts, provided unsuitable investment recommendations and engaged in excessive trading
According to FINRA’s BrokerCheck report on Falcon, a customer filed a complaint against him while he was employed at AEGIS Capital Group alleging he provided investment advice that was unsuitably risky for the client’s investment goals. The complaint also alleged that from 2013 to 2016 Falcon engaged in unauthorized trading. The complaint alleges $190,000.00 in damages.
Previously to AEGIS, Falcon was employed by Global Strategic Investments from 2011-2013 based out of its Miami, Florida location.
When a customer opens an account with a broker and brokerage firm, the customer can choose if he or she wants to give the broker to trade discretionarily in order to capitalize as quickly as possible on an ever-changing market. Often, customers choose to reserve that right and have the final “OK” before a broker facilitates a transaction.
Unauthorized trading is when a broker facilitates a transaction without the permission of the customer in a non-discretionary account. According to FINRA, it is one of the common investor issues along with misrepresentation, cold-calling, and unsuitability.
Unauthorized trading and outside business activity are serious forms of broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct. Failure to supervise is a claim made against a brokerage firm in these situations.
Among other basic tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading or unsuitable recommendations. The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you.
If you invested with Paul A. Falcon and AEGIS Capital Corp. and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll-free at (800) 975-4345.