Hector Crespo: Complaint Against Aegis Advisor Settles for $335K

Recent investor complaints against Melville, New York financial advisor Hector Crespo (CRD# 3015246) allege that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Aegis Capital Corp.

Mr. Crespo’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in August 2024, alleges that as a representative of Aegis Capital, he recommended unsuitable investments. The pending complaint alleges unspecified damages. In a statement included with the complaint’s disclosure, Mr. Crespo pushes back against the claim. “The allegations are simply untrue,” he writes. “I intend to mount a rigorous defense against these baseless accusations.”

An earlier investor complaint, filed in 2022, similarly alleged that as a representative of Aegis Capital, he made unsuitable investment recommendations. In June 2024 the complaint reached a settlement of $335,000. “Matter was settled by the firm to avoid the expenses and uncertainty of litigation,” he wrote in a comment included with the disclosure. “[He] continues to deny any wrongdoing and client has signed an affidavit retracting the allegation of unauthorized trading from the statement of claim. [He] will use the expungement process to remove these false allegations.”

A third investor complaint, filed in 2010, alleged that he misrepresented material facts, made unsuitable transactions, conducted excessive trades, and breached his fiduciary duty. In 2011 the complaint reached a settlement of $95,000.

A fourth investor complaint, also filed in 2010, similarly alleged that as a Newbridge Securities representative, he made unsuitable recommendations in connection with two equity positions in the customer’s account. In 2012 the complaint reached a settlement of $80,000, with Mr. Crespo again denying the allegations in a statement included with the disclosure. “Client was suitable, very savvy and active in the market,” he wrote.

According to the Financial Industry Regulatory Authority, Hector Crespo holds 26 years of securities industry experience. Based in Meville, New York, he has been registered as a broker and an investment advisor with Aegis Capital Corp. since 2011. His registration history includes Newbridge Securities Corporation, Paulson Investment Company, and Schneider Securities. His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He holds 45 state licenses. (Information current as of October 6, 2024.)

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