Gilbert Kuta: Did Aegis Advisor Make Excessive Trades?

Timonium, Maryland financial advisor Gilbert Kuta (CRD# 1084075) recently received an investor complaint alleging that he effected excessive trades. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Aegis Capital, having previously been registered with Capitol Securities Management.

Mr. Kuta’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in March 2024, alleges that as a representative of Aegis Capital, he made excessive and unsuitable trades. The pending complaint alleges unspecified damages.

In a statement included with the disclosure, he defended himself against the allegations. “I respectfully deny the claims made by the client’s daughter and POA,” he wrote. “All trading was within the client’s goals and objectives. All transactions were executed only after discussing the trades at length with the client and receiving her explicit permission to enter them.”

An earlier investor complaint, filed in 2014, alleged that as a representative of RBC Capital Markets, he recommended unsuitable products. The complaint reached a settlement of $11,250.

A third investor complaint, filed in 2011, alleged that he recommended unsuitable products as a representative of RBC Capital. In 2012 the complaint reached a settlement of $270,000.

A fourth investor complaint, filed in 2007, alleged that as a representative of Ferris Baker Watts, he implemented an unsuitable investment strategy, improperly exercised discretion, and “generated high commissions.” The complaint reached a settlement of $175,000.

In 2021 FINRA sanctioned Mr. Kuta in connection with allegations that he exercised discretion in customer accounts without prior written authorization or his firm’s approval. FINRA ordered him to pay a fine of $5,000 and suspended him for 10 business days.

According to the Financial Industry Regulatory Authority, Gilbert Kuta holds 41 years of securities industry experience. Based in Timonium, Maryland, he has been a broker and an investment advisor with Aegis Capital since 2020. His registration history includes Capitol Securities Management, RBC Capital Markets, Ferris Baker Watts, Smith Barney Shearson, Lehman Brothers, Painewebber, AG Edwards & Sons, Laidlaw Ansbacher, and Merrill Lynch. His credentials include the passage of six securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Foreign Currency Options Examination, or Series 15; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in California, Delaware, the District of Columbia, Florida, Georgia, Maryland, Nevada, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, Washington, and West Virginia. (Information current as of April 27, 2024.)

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