Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Bryan Moskowitz (Moskowitz), previously associated with Nylife Securities LLC, has been subject to at least one disclosable event. These events include one tax lien. Several of those complaints against Moskowitz concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.
FINRA BrokerCheck shows a final customer complaint on November 11, 2024.
Without admitting or denying the findings, Moskowitz consented to the sanctions and to the entry of findings that he excessively and unsuitably traded a customer account. The findings stated that Moskowitz recommended high frequency in-and-out trading to the customer, a veterinarian in his mid-60s, even when the price of his recommended securities did not materially change. The customer relied on Moskowitz’ advice and routinely followed his recommendations, and as a result, Moskowitz exercised de facto control over the account. Moskowitz’ recommendations resulted in an annualized turnover rate of 18 and an annualized cost-to-equity ratio of approximately 93 percent. Moskowitz’ in-and-out trading in the customer’s account generated total trading costs of $16,902, including $13,145 in commissions, and caused $81,614 in total realized losses.
