Mickey Schreiber Resigns from Aegis Capital Corporation Following FINRA Suspension
Mickey Schreiber (CRD #: 1032600), a broker formerly registered with Aegis Capital Corporation, has been suspended by FINRA, according to his BrokerCheck record, accessed on November 29, 2022. If you want to know more about his conduct as a broker, read on.
Resignation from Aegis Capital Corporation
On November 18, 2022, Mickey Schreiber was permitted to resign from Aegis Capital Corporation following regulatory action by FINRA.
FINRA Suspension
On October 31, 2022, Mickey Schreiber consented to the entry of findings that he allegedly executed unauthorized trades between September 2017 and September 2021 while employed by Aegis Capital Corporation.
According to a Letter of Acceptance, Waiver & Consent (AWC), Mickey Schreiber executed at least 295 securities transactions in 27 client accounts during this period. The AWC alleged that none of these accounts received prior written authorization from the client or approval from the firm for discretionary trading as required by the firm’s written supervisory procedures (WSPs).
Mickey Schreiber allegedly also violated other WSPs requiring all business communications to be conducted through the firm’s systems and prohibiting the use of non-firm email addresses for business communications. The AWC further alleged that Mickey Schreiber used his personal email address to communicate with two firm clients about transactions in their accounts between July 2019 and June 2020.
Additionally, the AWC alleged Mickey Schreiber falsely stated on Aegis Capital’s annual compliance questionnaires for 2017-2021 that he did not exercise discretionary authority in any client accounts. He allegedly also stated on his 2019-2021 compliance questionnaires that he did not use a personal email address for business communications.
The AWC concluded that these allegations constituted violations of NASD Rule 2510(b) and FINRA Rules 3260(b), 4511, and 2010.
FINRA Rule 3260
FINRA Rule 3260(b) requires brokers to seek and receive prior written authorization from clients for discretionary trading in an account.
FINRA Rule 4511
FINRA Rule 4511 requires firms to preserve accurate books and records.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Mickey Schreiber consented to the following sanctions:
- $5,000 fine
- 3-month suspension
His suspension began on November 21, 2022, and will end on February 20, 2023.
You can read a copy of the AWC here.
Background Information
Mickey Schreiber 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 52 – Municipal Securities Representative Examination
- Series 53 – Municipal Securities Principal Examination
- Series 24 – General Securities Principal Examination
He has also worked for the following firms:
- Aegis Capital Corporation (CRD#:15007)
- National Securities Corporation (CRD#:7569)
- Newbridge Securities (CRD#:104065)
- Summit Brokerage Services (CRD#:34643)
- First Montauk Securities Corporation (CRD#:13755)
- The Concord Equity Group (CRD#:14569)
- Mid-State Securities (CRD#:10266)
Kurta Law Can Help
If you worked with Mickey Schreiber 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.
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