Marinos Ballas Allegedly Engaged in Negligent Conduct

Marinos Ballas (CRD #: 2843677), a broker registered with Aegis Capital Corporation, allegedly engaged in negligence, according to his BrokerCheck record, accessed on February 8, 2023. Read on if you have questions about his alleged conduct as a broker.

Investor Disputes

On December 14, 2022, an investor filed a dispute alleging that Marinos Ballas engaged in negligence from October 2020 to the date of filing. The investor sought $100,000 in damages and received a settlement of $50,000.

In a dispute filed on September 29, 2022, an investor alleged that Marinos Ballas engaged in churning, breached his contract, made negligent misrepresentations, and engaged in other negligent conduct. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which contains information about an investor’s tax status, financial goals, and age.

Excessive trading, or churning, violates this rule by being quantitatively unsuitable for the client. In other words, a broker’s overall trading activity must also consider the investor’s goals and financial situation as much as an individual recommendation.

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence investors’ decisions. Misrepresenting an investment’s limitations, requirements, or other features violates this rule.

What qualifies as broker negligence?

Many types of broker misconduct may qualify as negligence, ranging from misrepresentations and omissions of material fact to unauthorized or excessive trading. Investors who have lost money through broker negligence may be able to recover their funds by pursuing FINRA arbitration.

Background Information

Marinos Ballas has passed the following exams:

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

Marinos Ballas is a registered broker in 44 states.

He has also worked for the following firms:

• GunnAllen Financial (CRD#:17609)
• First Montauk Securities Corporation (CRD#:13755)
• Continental Broker-Dealer Corporation (CRD#:14048)

Kurta Law Can Help

If you worked with Marinos Ballas 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 and 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.