Spartan Capital Securities Complaints Overview 2023

Spartan Capital Securities, LLC, a company in New York that deals with buying and selling stocks and is registered with FINRA (a big group that watches over the financial industry), has had several customers complain about it.

These customers say the company suggested investment plans that weren't right for them and traded too much on their behalf. Because of these complaints, FINRA has had to investigate and even make the company pay money in some cases.

Complaints About Risky Investment Suggestions

A lot of the complaints about Spartan Capital Securities are about the company telling customers to follow investment plans that weren't suitable. These plans often involve trading a lot, which can make the company a lot of money in fees but can also lead to big losses for the customer. Sometimes, customers said the company suggested investments that didn't match how much risk they wanted to take or what they wanted to achieve with their money.

Complaints About Too Much Trading

Trading too much, also known as churning, is when a company trades a lot in a customer's account to make more fees. It can be bad for customers because it can lower the value of their investments and put them at risk. In extreme cases, too much trading can even be considered cheating or fraud."

FINRA Looks into Spartan Capital Securities and Makes Decisions on Disputes

FINRA, a big organization that keeps an eye on the financial industry, has checked into Spartan Capital Securities more than once because of complaints about the company suggesting risky investments and trading too much. The company has also lost some arbitration cases, where people decide who's right in a disagreement. In these cases, people who invested money said the company's bad choices made them lose a lot of money.

Example: Mark Reda's Case

One big story with Spartan Capital Securities is about Mark Reda, a broker there. He's had 19 customers complain about him, and FINRA has looked into his actions and made decisions in some disputes. In one case, a person who invested money said Reda told them to follow a bad investment plan, which made them lose over $100,000.

Advice for People Investing Money

People thinking about investing with Spartan Capital Securities should be careful. Before you put your money there, look up the company's history on BrokerCheck and talk to an independent financial advisor. If you lose money because of bad investment advice or too much trading, you might have legal options. It's a good idea to talk to a lawyer who knows about investment issues to understand your rights.

Many Complaints Against Spartan Capital Securities

Since 2017, there have been lots of complaints about Spartan Capital Securities. Most people who complained said the company suggested investment plans that weren't right for them or traded too much. These actions can really hurt an investor's money, sometimes causing big losses.

FINRA Steps In

Because of all these complaints, FINRA, which oversees financial companies, has taken action against Spartan Capital Securities. It includes looking into the company, giving penalties, and deciding on disputes. Sometimes, FINRA has even made the company give money back to investors.

How to Keep Your Investments Safe

To avoid problems with Spartan Capital Securities or any similar company, you can:

• Do your homework: Before you invest, check out the company's history and reputation and look at its record on BrokerCheck.

• Talk to an independent financial advisor: A financial advisor who doesn't work for any company can give you honest advice and help you make good choices.

• Keep an eye on your account: Make sure to regularly check your investment account to see if everything matches your comfort with risk and your goals.

Getting Legal Help

If you've lost money because of bad investment advice or too much trading by Spartan Capital Securities, you might have legal options. A lawyer who knows about investment issues can look at your situation and tell you what you can do.

Last Words

Spartan Capital Securities has faced a lot of complaints about suggesting risky investment plans and trading too much. Before you invest with them, be aware of these risks. And if you've had a bad experience, remember you could do something about it legally.