Marc Kartal Suspended by FINRA
Marc Kartal (CRD #: 6346419), a previously registered broker with Spartan Capital Securities, has been suspended by FINRA, according to his BrokerCheck record, accessed on August 25, 2023. Details concerning his suspension are provided below.
On July 17, 2023, Marc Kartal entered into an Acceptance, Waiver, and Consent agreement (AWC) with FINRA. He was suspended as part of the terms of the AWC. The AWC alleges that he engaged in excessive trading in a senior customer’s account, in violation of FINRA Rule 2111.
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 be suitable. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor.
The AWC alleges that Marc Kartal executed 150 transactions in his customer’s account, resulting in a cost-to-equity ratio of 197%. FINRA states that “an annualized cost-to-equity ratio above 20% generally indicates that excessive trading has occurred.”
Marc Kartal’s trading activity allegedly led to $206,667 in trading costs, including $189,446 in commissions and $51,959 in losses.
According to the AWC, no monetary sanction has been imposed due to Marc Kartal’s financial status. He has consented to a 10-month suspension, to end on May 16, 2024.
You can read a copy of the AWC here.
Background Information
Marc Kartal has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
He has registered with the following firms:
- Spartan Capital Securities (CRD #: 146251)
- Garden State Securities (CRD #: 10083)
Kurta Law Can Help
If you worked with Marc Kartal and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want 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. The firm only earns a fee if our securities attorneys recover money on your behalf.
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