Gus Tsamos is Facing a FINRA Suspension

Gus Tsamos (CRD #: 2782014) has been suspended by FINRA. This disclosure appears on his BrokerCheck record, accessed on August 2, 2024. Keep reading if you have questions regarding his alleged conduct. 

FINRA Suspension 

On June 6, 2024, Gus Tsamos allegedly failed to comply with an arbitration award or settlement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. 

The suspension continues until the required payment is made or discharged. 

FINRA Investigation 

On September 29, 2023, FINRA made a preliminary determination to recommend that disciplinary action be brought against Kostas Tsamos following allegations that he executed an excessive number of transactions. 

Customer Disputes

There is a settled dispute dated January 28, 2020, alleging that Gust Tsamos engaged in misrepresentation. The dispute settled for $75,000.

Investors should know that there are another five investor disputes on his record as well as six tax liens. 

Excessive Trading

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Trades must be quantitatively suitable, meaning the number of trades must suit an investor’s needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

FINRA Rule 2020 – Misrepresentation

FINRA Rule 2020 prohibits the misrepresentation of investments and omission of material facts. Material facts include information about an investment’s potential returns, as well as charges, expenses, and fees. Brokers must always disclose the risks associated with illiquid investments, such as early withdrawal fees. 

Background Information 

Gus Tsamos has passed the following exams:

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 24 General Securities Representative Examination 

During his 26 years of experience, he has registered with 11 firms. These are the five most recent: 

• Spartan Capital Securities (CRD #: 146251) 
• Southeast Investments (CRD #: 43035) 
• Caldwell International Securities (CRD #: 104323) 
• Hunter Scott Financial (CRD #: 45559) 
• JP Turner & Company (CRD #: 43177) 

Kurta Law Can Help 

If you have worked with Gus Tsamos and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.