Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Justin Deiter (Deiter), previously associated with Spartan Capital Securities, LLC, has been subject to at least one disclosable event. These events include one tax lien. Several of those complaints against Deiter 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 February 06, 2025.
Without admitting or denying the findings, Deiter consented to the sanction and to the entry of findings that he willfully violated Reg BI by recommending to two retail customers a series of trades that were excessive and not in the best interest of the customers, one of whom was an 89-year-old retiree. The findings stated that Deiter’s trading resulted in high turnover rates and cost-to-equity ratios that exceeded the traditional guideposts of six and 20 percent. Deiter’s recommended transactions in the first customer’s account generated $19,792 in commissions and caused $25,291 in realized losses. The trading in the elderly customer’s account generated $28,264 in commissions and caused $33,363 in realized losses.
