Securities Lawyers Blog
The Financial Industry Regulatory Authority (FINRA) sanctioned (Case No. 2010025835701) broker E1 Asset Management, Inc. (E1 Asset) Ron Itin (Itin), and Ahsan Shaikh (Shaikh) concerning numerous irregularities and misconduct including allegations that between July 2008, and April 2012, including the failure to conduct reasonable supervisory reviews designed to detect and prevent excessive trading, otherwise known as churning, in customer accounts.
Itin’s BrokerCheck records reveal at least 9 customer disputes. These disputes involve claims of unsuitable investments, churning (excessive trading), unauthorized trading, breach of fiduciary duty, misrepresentations and false statements, among other claims. The claims state that among the products traded in client accounts were penny stocks, options, and other equities. In January 2015, Itin declared chapter 7 bankruptcy in New Jersey. Itin has been associated with E1 Asset Management, Inc. since 1999 and is a supervisory principal at the firm.
Shaikh’s BrokerCheck records show at least at least nine customer disputes. The disputes involve claims similar in nature to Itin’s records. Shaikh has been associated with E1 Asset Management, Inc. since 1999 and is a supervisory principal at the firm.