Roei Gigi Allegedly Conducted Unauthorized Trading

Roei Gigi (CRD #: 4191786), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, was the subject of a recent dispute, according to his BrokerCheck record, accessed on August 5, 2022. If you have questions about Roei Gigi’s conduct as a broker, keep reading.

Investor Dispute

On May 27, 2022, an investor alleged that Roei Gigi executed unauthorized trades from March 11, 2022, until May 2022, resulting in unexpected tax consequences. This dispute was denied by the firm.

However, investors should know that firms don’t need to allow an external review before denying disputes. Investors can still pursue FINRA arbitration and potentially recover their losses following a denial.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising their trading discretion only in pre-approved discretionary accounts. These accounts must be approved by both the firm and the customer.

FINRA Rule 2010

Violating state insurance requirements violates FINRA Rule 2010. FINRA Rule 2010 requires brokers to uphold high standards of commercial honor and just and equitable principles of trade.

Background Information

Roei Gigi has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 3 – National Commodity Futures Examination
• Series 7 – General Securities Representative Examination
• Series 10 – General Securities Sales Supervisor – General Module Examination
• Series 9 – General Securities Sales Supervisor – Options Module Examination

Roei Gigi is a registered broker in all 50 states, the District of Columbia, Puerto Rico, and the Virgin Islands. He is also a registered investment adviser in Connecticut, New York, and Texas.

Kurta Law Can Help

If you worked with Roei Gigi 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.