Spartan Capital Securities, LLC. (CRD# 146251) (SEC# 8-67801) | Cold Spring Advisory Group

Spartan Capital Securities, LLC. (CRD# 146251) (SEC# 8-67801)

Spartan Capital Securities, LLC is a New York City-based brokerage firm with its main office located at 45 Broadway, 9th floor. The firm was formed in New York on June 26, 2007 and registered with the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in July, 2008.

Spartan Capital’s FINRA BrokerCheck Report contains 3 final regulatory events. The most recent in April 2015, was resolved when Spartan Capital submitted a letter of Acceptance, Waiver and Consent (AWC) in response to allegations that the firm paid commissions to unregistered entities controlled by registered representatives of the firm instead of paying compensation directly to the registered representatives. FINRA censured Spartan Capital and fined the firm $7,500 for alleged violation of NASD Rule 2440 and FINRA Rule 2010.

The New Hampshire Bureau of Securities Regulation initiated a complaint against Spartan Capital in April 2011 alleging Edward Segur, one of the firm’s brokers “cold called” a resident of New Hampshire in violation of FINRA Do-Not-Call (DNC) requirements. The resident’s phone number was registered on the Federal DNC list, and Mr. Segur was not licensed in the state of New Hampshire.

On January 6, 2012, Spartan Capital and Edward Segur consented to violation of the New Hampshire Uniform Securities Act 421-B and each agreed to pay half of the $35,000 fine. Spartan and Mr. Segur entered in to a consent order to cease and desist from further violations of the New Hampshire Uniform Securities Act 421-B. The firm was further ordered to report what initiatives it had taken to fully implement FINRA requirements regarding DNC regulations to the Bureau within 6 months.

On August 1, 2013, The New Hampshire Bureau of Securities Regulation filed a complaint alleging that Spartan Capital had not complied with the January 2012 consent order, citing complaints of prohibited telemarketing calls on the Consumer Sentinel Network. In addition to imposing a $40,000 fine, Spartan Capital was prohibited from making any telemarketing calls to residents of New Hampshire for two years and ordered to submit to a comprehensive review to ensure compliancy with FINRA Rule 3230 regarding telemarketing activities.

According to FINRA BrokerCheck, brokers associated with Spartan Capital have regulatory disclosures and customer disputes of their own, including:

  • Juan Alejos, a Spartan Capital representative who worked at a broker-dealer that was expelled by FINRA. He has 4 disclosed customer disputes and 3 regulatory events listed on his BrokerCheck report.
  • Scott Cusumano, a former Spartan Capital representative who worked at 7 broker-dealers that were expelled by FINRA. He has 3 customer disputes listed on his BrokerCheck report.
  • Timothy Higgins, a Spartan Capital representative who worked at 2 broker-dealers that were expelled by FINRA. He has 8 customer disputes and 1 regulatory event listed on his BrokerCheck report.
  • Robert Marcus, Jr., a Spartan Capital representative who worked at 4 broker-dealers that were expelled by FINRA. He has 3 customer disputes listed on his BrokerCheck report.
  • Don Torillo, a Spartan Capital representative who worked at 2 broker-dealers that were expelled by FINRA. He disclosed 2 customer disputes listed on his BrokerCheck report.
  • Terry Tzagarakis, a Spartan Capital representative who has worked at 2 broker-dealers that were expelled by FINRA. He has 3 customer disputes listed on his BrokerCheck report.

If you or someone you know has incurred losses as a result of broker misconduct at Spartan Capital, please call (212) 566-6060 to see if you have a case to recover your losses.