Former Ohio Financial Advisor Sam Aziz Loses Securities License for Excessive Trading
The Ohio Division of Securities revoked the securities license of former broker Sam Aziz of Dublin, Ohio for excessive trading in at least 12 customer accounts.
According to his FINRA BrokerCheck report, Aziz was the subject of seven customer disputes, two terminations, and three regulatory actions before finally losing his license in 2020.
According to the Division, Aziz churned at least 12 customer accounts, generating commissions of more than $2.4 million for himself between 2015 and 2018. The Hearing Officer assigned to the case further found that Aziz failed to disclose to his clients the opening of new accounts for them and the use of margin loans in customer accounts. In 2019, FINRA also permanently barred Aziz from working in the securities industry for his failure to cooperate with its own investigation into excessive trading allegations.
Excessive trading, or churning, occurs when a broker engages in excessive buying and selling of securities in a customer’s account in order to generate commissions that benefit the broker. It is illegal, a violation of the securities industry’s rules, and the basis for a civil action.
Meyer Wilson has successfully represented several of Sam Aziz’s former customers. If you were a client of Aziz and lost money, our investment fraud attorneys are interested in talking to you about your recovery options. Give us a call for a free consultation.