![]() ![]() ![]() May 2020: This customer is requesting nearly $85K in their churning case.William Athas’ BrokerCheck record shows 11 disclosures going as far back as 2001. The SRO contends that the ex-Worden Capital broker committed due diligence failures. This occurred even when such approaches were not a proper fit for a customer’s investment goals, financial portfolio, or risk tolerance level. In addition to allegedly making excessive and unsuitable trades, Athas is also accused by FINRA of employing unsuitable trading strategies that involved in-and-out trading, short-term trading, or trading on margin. Unsuitable Trades and Trading Strategies Alleged Allow us to help you determine whether you have grounds for a FINRA arbitration claim to pursue damages. Not only did they pay $1.6M in commissions, $1.5M of which went to Athas and his firm, but also they sustained about $1.1M in losses.Įven after receiving warnings that he was excessively trading and incurring high costs in clients’ accounts, the ex-Worden Capital broker continued with these same types of activities.Īt Shepherd Smith Edwards and Kantas (SSEK Law Firm at ), our broker misconduct and churning attorneys are looking into claims of significant losses by former customers of William Athas. The SRO said that many of these trades were unsuitable for the customers involved. This made it highly unlikely that the accounts would be profitable. William Athas’ customers usually would go by his recommendations.įINRA found that Athas was the one who determined how much in commissions to charge, and he purposely incurred high trading costs in customer accounts. He also allegedly made the calls regarding which securities to purchase and sell, as well as the quantity and timing of each transaction. This bar comes in the wake of allegations that he engaged in excessive trading in customer accounts.Īccording to the self-regulatory organization’s (SRO’s) complaint, Athas controlled the trading in these accounts, deciding the frequency and volume of trades. ![]() The Financial Industry Regulatory Authority (FINRA) has barred ex-Worden Capital Management and former SW Financial registered representative, William Nicholas Athas. Ex-NY Worden Capital Broker Barred After Allegedly Charging $1.6M in Commissions ![]()
0 Comments
Leave a Reply. |