FINRA Allegations: Broker Took $1.7+ Million in Commissions
According to allegations made by the Financial Industry Regulator Authority’s Department of Enforcement, former Craig Scott Capital broker Edward Beyn took over $1.7 million in commissions by churning his clients’ accounts.
Beyn allegedly excessively traded the accounts of six customers, all of whom were over 60 years old. Some of the clients were reportedly business owners in various industries including airline parts, construction, and welding equipment. They all allegedly suffered losses. During the time between March 2012 and May 2015, he allegedly violated securities rules in order to profit from the trading strategy and create commissions for himself and the firm.
FINRA’s BrokerCheck shows that Beyn is currently registered with New York-based firm Rothschild Lieberman. He has been registered with the new firm since September of 2015. Neither Beyn nor the founder of Craig Scott Capital made a statement regarding the FINRA allegations.
If you suffered losses while investing with Edward Beyn or Craig Scott Capital, call Meyer Wilson for a free consultation today. You can discuss your potential claim in a free consultation and learn what rights you may have. Our securities fraud attorneys may be able to help you recover your losses.