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Articles Posted in Unsuitable Investment Advice

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Have you purchased shares of a company called BTC Digital, or Metem Ed TechX, as was previously known, on the recommendation of your Aegis broker? Silver Law Group is a securities law firm that looks after investors’ interests. If you or someone you know have suffered losses from an Aegis-related investment recommendation, contact attorney Scott Silver at ssilver@silverlaw.com or toll-free at (800) 975-4345 for a free consultation. BTC Digital, (BTCT) is a crypto asset technology company that engages in bitcoin mining and the rental and resale of bitcoin mining machines. Founded in 2006 and originally named Ed TechX, it later bought Meten. The company engaged in English language training (ELT) until it changed to bitcoin mining in 2022, changing its name to BTC Digital. The company also changed its stock ticker from the original METX to its current BTCT. The company is headquartered in Shenzhen, China. Meten/BTC is one of the many micro-cap companies underwritten by Aegis, which sold the stock to its retail customers. In its March 2024 report, SLCG Economic Consulting described Aegis as one of “the worst” retail brokerages, and a “Farm-to-Table Securities Fraud Purveyor” that cost its customers $5 billion in losses. Aegis Capital’s underwrote Meten/BTC. The company allegedly directly harmed individual investors by pushing them into risky and ultimately worthless securities, usually using misleading research and potential price manipulation. The result was catastrophic financial losses for ordinary people, many of whom were not equipped to handle these risks.Have you purchased shares of a company called BTC Digital, or Metem Ed TechX, as was previously known, on the recommendation of your Aegis broker?

Silver Law Group is a securities law firm that looks after investors’ interests. If you or someone you know have suffered losses from an Aegis-related investment recommendation, contact attorney Scott Silver at ssilver@silverlaw.com or toll-free at (800) 975-4345 for a free consultation. Continue reading ›

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Christopher John Jacobi (CRD# 1648679, aka “Chris Jacobi”) is a former registered broker and investment advisor last employed by Ameriprise Financial Services, LLC (CRD# 6363) of Pensacola, FL. Jacobi's previous employers include Wachovia Securities, LLC (CRD# 19616) of Destin, FL, NBC Securities, Inc. (CRD# 17870) of Birmingham, AL, and Dean Witter Reynolds Inc. (CRD# 7556) of Purchase, NY. He began in the industry in 1987. Since June of 2024, Jacobi has had 11 customer disputes filed against him. Some are settled, others are pending. Most include allegations of unsuitable investment recommendations.  Of the settled claims filed, the collective requested damages total $379,000, and the settlements total $150,000. Although Jacobi is no longer employed as a broker or investment advisor, he is still subject to FINRA rules and regulations. No disciplinary actions have been filed as of this writing.Christopher John Jacobi (CRD# 1648679, aka “Chris Jacobi”) is a former registered broker and investment advisor last employed by Ameriprise Financial Services, LLC (CRD# 6363) of Pensacola, FL. Jacobi’s previous employers include Wachovia Securities, LLC (CRD# 19616) of Destin, FL, NBC Securities, Inc. (CRD# 17870) of Birmingham, AL, and Dean Witter Reynolds Inc. (CRD# 7556) of Purchase, NY. He began in the industry in 1987. Continue reading ›

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Sean Righter (CRD# 5419832) is a previously registered broker and currently registered investment advisor. His last known employer was Morgan Stanley (CRD# 149777) of Irvine, CA. Prior to Morgan Stanley, Righter was employed with Citigroup Global Markets Inc. (CRD# 7059) of Laguna Nigel, CA. He has been in the industry since 2007. A customer dispute filed on 3/12/25 alleges that Righter executed an “unsuitable” investment strategy in a client’s account. This unsuitability went from January 2021 through January 2025. The client requests damages of $1,300,000. This claim is currently “pending.”Sean Righter (CRD# 5419832) is a previously registered broker and currently registered investment advisor. His last known employer was Morgan Stanley (CRD# 149777) of Irvine, CA. Prior to Morgan Stanley, Righter was employed with Citigroup Global Markets Inc. (CRD# 7059) of Laguna Nigel, CA. He has been in the industry since 2007. Continue reading ›

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Brokerage firm Aegis Capital’s track record has come under fire after SLCG Economic Consulting published a report on the firm’s offerings in the last few years. The report calls Aegis Capital a “farm-to-table securities fraud purveyor” after their underwriting and subsidizing of consistently failing small cap stock companies. Aegis' underwriting included propping up companies “constantly on the verge of delisting and bankruptcy.” These failing stocks were sold to Aegis' retail brokerage customers, then traded and re-traded “at significant markups and markdowns,” with considerable financial incentives for brokers who did. Trading in these worthless stocks led to Aegis’ investors losing at least $5 billion, according to the report. These companies included:Brokerage firm Aegis Capital’s track record has come under fire after SLCG Economic Consulting published a report on the firm’s offerings in the last few years. The report calls Aegis Capital a “farm-to-table securities fraud purveyor” after their underwriting and subsidizing of consistently failing small cap stock companies. Continue reading ›

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An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys’ fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers’ annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer. The action resulted from the client’s purchase of Colorado Bankers’ Life annuities. In the arbitration, the retiree’s legal counsel argued that Citizens Securities violations included breach of contract and warranties, promissory estoppel; violation of state securities statutes; state insurance statute violations; breach of fiduciary duty; claims under common law; and vicarious liability. Citizens Securities heavily promoted these annuities, offering high commissions and incentives to brokers for selling them. But when North Carolina regulators seized company assets, investors’ money was frozen and unavailable. Most were elderly retirees and investors who bought Colorado Bankers’ Life annuities for the income from the dividends and were then left without that income.An elderly retiree has been awarded $152,382.41 in compensatory damages and attorneys’ fees of $48,762.37 in a FINRA arbitration against broker-dealer Citizens Securities relating to the sale of Colorado Bankers’ annuities. Most of the FINRA arbitration fees were to be paid by the broker-dealer. Continue reading ›

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James Roy Paige (CRD# 1726609) is a broker and investment advisor currently registered with Wells Fargo Clearing Services, LLC (CRD# 19616) of Vero Beach, FL. Previously, he was registered with Morgan Stanley, (CRD# 8209 and CRD# 7556) also of Vero Beach, and Blinder, Robinson & Co., Inc. (CRD# 5096, no location given.) He has been in the industry since 1987. In a dispute filed on 2/6/2024, a customer alleged that Paige made recommendations to them that were “unsuitable and too risky for Claimants' investment knowledge and needs.”  No requested damages are listed.James Roy Paige (CRD# 1726609) is a broker and investment advisor currently registered with Wells Fargo Clearing Services, LLC (CRD# 19616) of Vero Beach, FL. Previously, he was registered with Morgan Stanley, (CRD# 8209 and CRD# 7556) also of Vero Beach, and Blinder, Robinson & Co., Inc. (CRD# 5096, no location given.) He has been in the industry since 1987. Continue reading ›

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FINRA’s Arbitration Panel recently awarded “emotional distress damages” to two investors involved in a claim against Ages Financial Services involving the sale of GWG Holding’s ill-fated L-Bonds. Silver Law Group has represented many GWG investors. The two investors received $75,000 each. It is one of FINRA’s largest awards for emotional distress damages in its history. Ages Financial Services is a Boston-based broker-dealer that sold the investors the L-Bonds for $246,000. In the claim, the six investors claimed breach of fiduciary duty, suitability, and additional allegations, along with compensatory damages of $648,000. FINRA’s total award came to $1.08 million, including attorneys' fees and interest. What Are Emotional Distress Damages In FINRA Arbitration? Many personal injury claims include requests and damages for “pain and suffering.” This is non-economic damages for the grief caused by an accident that caused a plaintiff to experience financial losses. Similarly, emotional distress damages for an investment claim are awarded to a claimant in arbitration for the grief caused by the loss of their investment.FINRA’s Arbitration Panel recently awarded “emotional distress damages” to two investors involved in a claim against Ages Financial Services involving the sale of GWG Holding’s ill-fated L-Bonds. Silver Law Group has represented many GWG investors. The two investors received $75,000 each. It is one of FINRA’s largest awards for emotional distress damages in its history. Continue reading ›

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Keith Dagostino (CRD# 2837860) is a broker currently registered with EF Hutton of Woodbury, NY. His previous employers include Aegis Capital Corp. (CRD# 15007) And Oppenheimer & Co. Inc. (CRD# 249), both of Melville, NY, and Stifel, Nicolaus & Company, Incorporated (CRD# 793) of Oyster Bay, NY. He has been in the industry since 1997.  Silver Law Group represents investors in claims against Aegis Capital relating to accounts managed by Keith Dagostino. Dagostino is the subject of eighteen disclosures, all customer disputes. Fifteen of these disputes were filed since 3/6/2023, and seven are still pending.   

Keith Michael Dagostino (CRD# 2837860) is a broker currently registered with EF Hutton of Woodbury, NY. His previous employers include Aegis Capital Corp. (CRD# 15007) And Oppenheimer & Co. Inc. (CRD# 249), both of Melville, NY, and Stifel, Nicolaus & Company, Incorporated (CRD# 793) of Oyster Bay, NY. He has been in the industry since 1997.

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