Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker George Apolonides (Apolonides), previously associated with Spartan Capital Securities, LLC, has at least 2 disclosable events. These events include 2 tax liens, alleging that Apolonides recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 08, 2024.
Without admitting or denying the findings, Apolonides consented to the sanction and to the entry of findings that he willfully violated the Best Interest Obligation under Rule 15l-1(a)(1) of the Securities Exchange Act of 1934 (Reg BI) by recommending a series of trades in customer accounts, three of whom were senior customers, that was excessive, unsuitable, and not in the customers’ best interests. The findings stated that Apolonides’ customers relied on his advice and routinely followed his recommendations and, as a result, Apolonides exercised de facto control over the customers’ accounts. Apolonides’s trading in the customer accounts generated total trading costs of $618,911, including $563,263 in commissions, and caused $735,376 in total realized losses.
