Samuel Girgiss Facing FINRA Suspension
Samuel Girgiss (CRD #: 6088898), a broker previously registered with Spartan Capital Securities, has been suspended by FINRA. This regulatory disclosure appears in his BrokerCheck record, accessed on August 8, 2023. Details are provided below.
On July 26, 2023, FINRA suspended Samuel Girgiss following allegations that he had failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. The suspension will continue until payment is made or discharged.
According to the Award, Samuel Girgiss breached his independent contractor agreement. You can read a copy of the Award here.
FINRA Rule 9552 states that members who fail to provide documents, information, or testimony requested by FINRA will be suspended. Members who fail to request an end to their suspension within three months are permanently barred.
On March 16, 2022, investors filed a dispute alleging Samuel Girgiss recommended unsuitable investments and engaged in excessive trading.
There are two other disputes alleging Samuel Girgiss recommended unsuitable investments. These collectively settled for approximately $52,000.
FINRA Rule 2111 – Unsuitable Investments and Excessive Trading
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, and financial goals.
- Investments can be unsuitable because they are high risk and likely to lose money.
- Securities may also be unsuitable because they are illiquid, meaning that they are intended to be held for an extended time, and investors may have to pay high fees to cash out.
- Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.
- These requirements apply to the overall investment strategy as well as the investments themselves. For instance, an investment strategy might be unsuitable if the securities are overconcentrated in a particular stock or sector.
Investors who rely on brokers for investment recommendations can pursue FINRA arbitration to recover their losses.
Samuel Girgiss has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
Kurta Law Can Help
If you worked with Samuel Girgiss and you have concerns about your investments, please contact us today at 877-600-0098 or email@example.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.