Securities Arbitration Lawyers BlogStockbroker Thomas Tedeschi and Broker-Dealer Aegis Capital Corp. are the Subject of Multiple Securities Arbitration Claims Against Them for Churning
According to FINRA, Thomas Tedeschi has recently been named in a securities arbitration lawsuit against him and his former employer, Aegis Capital Corp., for making unsuitable investments, unauthorized trades, misrepresentations and excessive trading (churning), among other claims. The assertions against him involve speculative securities that include penny stocks and Exchange Traded Notes. Mr. Tedeschi is required by law to only recommend or engage in transactions that are suitable to their individual client, and not to excessively trade in their accounts. This type of trading may be considered stockbroker misconduct called churning. The excessive buying and selling is done for the purpose of generating commissions for the broker, and not to benefit the client. In fact, it almost always results in enormous losses to the client.
Thomas Tedeschi began his stockbroker career in 1994 and has been employed by 17 different brokerage firms since then, seven of which have been expelled from the brokerage industry by FINRA for violations of the law and misconduct. It is quite a shocking record. Additionally, Aegis Capital Corp. has many claims against it, including 17 final regulatory violations that were filed by FINRA, NASDAQ Stock Market, and other regulatory bodies, for such violations as market manipulation, excessive buying and selling of illicit microcap stocks, failure to supervise and failure to disclose, late trade reporting, and other violations of NASD Rules and Texas Securities Acts as well. There is one regulatory violation claim currently pending. Aegis Capital Corp has also been fined on numerous occasions and has been suspended in the past from acting as a market maker.
If you invested money with Thomas Tedeschi or Aegis Capital Corp. and suffered losses, you may be entitled to recover some or all of those investment losses. Please call our securities law firm toll free at (800) 975-4345 to speak with an experienced attorney and to find out how we may be able to help you regain some or all of your investment losses. Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful in your lawsuit.