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Ezri Shechter; Jersey City Broker Suspended, Fined $12,500
Ezri Shechter (CRD# 2772177), formerly a broker associated with Spencer-Winston Securities, has been sanctioned by the Financial Industry Regulatory Authority in connection to allegations involving inauthentic discretionary authorization forms. Currently registered as an investment adviser with CM Capital Partners in Englewood, New Jersey, Shechter was issued a three-month suspension and a fine of $12,500.
According to a Letter of Acceptance, Waiver and Consent (No. 2018057296401) dated December 2019, Ezri Shechter was associated with Spencer-Winston Securities in Jersey City, New Jersey as a General Securities Representative, a Registered Options Principal, a General Securities Principal, and an Operations Principal when, between May 2017 and May 2018, he directed five customers of the firm “to sign blank or incomplete discretionary trading forms, which he then copied and used to complete at least 10 discretionary trading forms.” FINRA states that this violated FINRA Rule 2010, which concerns high standards of commercial honor and just and equitable principles of trade. FINRA’s findings go on to state that Shechter submitted the forms in question, which contained photocopied signatures, to his member firm as original forms, which caused the firm to make and keep inaccurate books and records concerning discretionary authorization. FINRA states that this violated FINRA Rule 4511, which concerns the making and preservation of books and records, as well as FINRA Rule 2010. He also allegedly “engaged in discretionary trading in 14 accounts belonging to seven customers” without written authorization from the customers or the firm’s written acceptance of the accounts as discretionary, according to FINRA. The findings state that he engaged in as many as 596 discretionary transactions, and that though the customers had provided oral or implicit authorization to exercise discretion, they had not provided written authorization. FINRA states that this violated NASD Rule 2510(b) as well as FINRA Rule 2010. As a result of the foregoing alleged conduct, he was suspended from association with any FINRA member firm for three months. He was also issued a fine of $12,500.
Ezri Shechter is currently not registered as a broker; he is registered as an investment adviser with CM Capital Partners in Englewood, New Jersey. His previous registrations include Spencer-Winston Securities Corporation, Bishop Rosen & Company, Valley Forge Securities, Kirlin Securities, Drake & Company, Coleman & Company Securities, Paragon Capital Markets, Hornblower & Weeks, Foster Jeffries Securities, and Global Equities Group. He has passed six securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 12, 2020.)