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SEC Charges Broker Emil Botvinnik With Excessive Trading, Churning

If you watch your brokerage account regularly, you’ll see the various trades and charges that go along with them. But if you’re seeing transactions that you don’t recall authorizing, and you’re spending a lot more money for fees, commissions and other related charges, it’s time to ask questions. Our South Florida FINRA arbitration attorneys can answer those questions.

David-Sullivan-Accused-of-Excessive-Trading-on-More-Than-One-Occasion-300x200Broker Emil Bottvinnik (CRD #4359481) has been charged by the SEC with doing just that very thing. On September 7, 2018, the SEC charged Botvinnik with excessive trading and “churning,” or frequent, short-term trading. This kind of quick-turnover trading paid more in commissions that a client would make from his or her investment.

The SEC alleges that Bottvinnik opened accounts for at least five individuals, and concealed information about what they would be charged for these frequent tradings. Many of these customers were at or near retirement age, and lost $2.8 million for his clients while making commissions of $3.7 million in “ill-gotten gains.” These tradings are alleged to have taken place while was employed with Meyers Associates L.P. in Miami Beach, Florida, from 06/19/2012 through 11/17/2014. Meyers Associates was expelled by FINRA on 5/29/2018.

Bottvinnik’s last employer was Worden Capital Management LLC (CRD #148366) of Garden City, NY, and he worked there less than a year. He was previously employed by SW Financial (CRD #145012) of Melville, NY. He has been in the industry since 2005.

Two other of Bottvinnik’s previous employers have been expelled by FINRA:

  • Newport Coast Securities, Inc. (CRD #16944) of New York, NY (06/25/2018)
  • Brookstone Securities, Inc. (CRD #13366) of Miami Beach, FL (10/09/2012)

Bottvinnik has several other disclosures, including one in 2016 that alleged “suitability and churning.” The client requested damages of $99,000, and the claim was settled for $48,000.

He is not currently registered with any FINRA-member broker, and no current employment information is available.

Did You Invest With Emil Bottvinnik?

If you’re wondering if your investments are safe and were properly done, we can take another look at your accounts. Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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