Gus Tsamos: $400K Complaint Against Garden City Spartan Advisor

Recent investor complaints against Garden City, New York financial advisor Gus Tsamos (CRD# 2782014) allege he made unsuitable investment recommendations and unauthorized transactions. Financial Industry Regulatory Authority records show that he is a broker with Spartan Capital Securities.

Mr. Tsamos’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in July 2021, alleges that as a representative of Southeast Investments, he made qualitatively and quantitatively unsuitable investment recommendations, engaged in unauthorized trading, acted negligently, and churned the account. The pending complaint alleges damages of $400,256. 

In a statement on the pending complaint’s disclosure, Mr. Tsamos defended himself against the claim. “This customer account was closed over five years ago,” he wrote, adding: “Mr. Tsamos vehemently denies the allegations and asserts that the customer was a knowledgeable and experienced investor who approved all of the activity in the account and all of the transactions were suitable for the customer.”

A second investor complaint, filed in 2020, alleged that as a representative of Spartan Capital Securities, he made misrepresentations and recommended unsuitable investments. The complaint reached a settlement of $75,000.

A third investor complaint, filed in 2008, alleged that as a representative of J.P. Turner & Company, he churned investments, engaged in excessive trading, acted negligently, breached contract, and breached his fiduciary duty. In 2009 the complaint reached a settlement of $100,000.

A fourth investor complaint, filed in 2007, alleged he charged “outrageous commissions and fees” while at Hunter Scott Financial, misrepresented and omitted material information, made unsuitable investment recommendations, churned the account, and breached his fiduciary duty. The complaint reached a settlement of $75,000.

According to the Financial Industry Regulatory Authority, Gus Tsamos holds 25 years of securities industry experience. Based in Garden City, New York, he has been a broker with Spartan Capital Securities since 2016. His past registrations include Southeast Investments, Caldwell International Securities, Hunter Scott Financial, J.P. Turner & Company, Millennium Securities, G.F.B. Securities, La Jolla Capital Corporation, Redstone Securities, Jaron Equities, and Investors Associates. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Securities Industry Essentials Examination, or SIE. He holds 20 state licenses. (Information current as of July 21, 2022.)

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