Kim Monchik: Spartan Rep Allegedly Failed to Disclose Complaints

New York City stockbroker Kim Monchik (CRD# 2528972) has received a pending investor complaint alleging her conduct resulted in losses. Financial Industry Regulatory Authority records show that the Spartan Capital Securities representative is also a respondent in a pending enforcement action alleging she failed to adequately disclose sales practice violations.

The most recent complaint disclosed on her BrokerCheck was filed in February 2022, alleging that as a representative of Spartan Capital Management, she breached her fiduciary duty in relation to a private placement investment. The pending complaint alleges unspecified damages. In a comment on the disclosure, the complaint is described as “frivolous and knowingly false.” 

In October 2021 Ms. Monchik was named respondent in a pending FINRA complaint (No. 2019061528001) alleging that she has not amended her FINRA Form U4 to disclose the majority of “multiple consumer-initiated arbitrations alleging that she was involved in one or more sales practice violations.” In a comment on the disclosure, Ms. Monchik writes that “FINRA has wrongfully alleged that certain claims are reportable on the Form U4 of certain principals of the Firm – notwithstanding that they are exempted from reporting under FINRA’s own guidance standards.” The action by FINRA is still pending.

A complaint filed in 2015 alleged that as a representative of Spartan Capital Securities, Kim Monchik breached her fiduciary duty, breached contract, committed fraud, misrepresented material facts, executed excessive trades in the account, and engaged in unauthorized margin trading. The complaint evolved into a FINRA arbitration proceeding, concluding with an award to the customer of $41,842. A comment on the allegation states that she “was not the broker on the account nor did she ever have direct contact with the client or have supervisory responsibility in any capacity,” and was only named “due to her role at Spartan.”

According to the Financial Industry Regulatory Authority, Kim Monchik holds 18 years of securities industry experience. She has been affiliated with Spartan Capital Securities in New York City since 2008. Her past registrations include SW Bach & Company (Port Washington, New York; 2005-2007) and Ormes Capital Markets (New York, New York; 2000-2003). She has passed four securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the Securities Industry Essentials Examination, or Series 55; the General Securities Representative Examination, or Series 7; and the General Securities Principal Examination, or Series 24. She presently holds one state license. (Information current as of May 11, 2022.)

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