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Sean Parikh: 6-Figure Complaint Against NYC Rep
According to records maintained by the Financial Industry Regulatory Authority (FINRA), former New York City broker Sean Parikh (CRD# 5506554) was recently sanctioned in connection to alleged misconduct and has settled or pending investor complaints. Parikh was most recently registered with Aegis Capital Corp.
Sean Parikh’s BrokerCheck report currently lists one settled investor complaint and one pending investor complaint. It also describes a FINRA sanction rendered in March 2021 in connection to a complaint alleging he “made unsuitable recommendations and excessively traded the accounts of his customers.” According to FINRA, he allegedly “controlled the trading in customers’ accounts and executed trades” whose principal value totaled $31.1 million. He allegedly made excessive, unsuitable transactions resulting in losses exceeding $33,000 for the customers, while generating commissions for himself of $89,000. The action alleged further that he made unauthorized transactions in customer accounts totaling $4.2 million. The decision rendered by FINRA suspended Parikh from associating with any FINRA member in any capacity for 18 months. It also issued him a fine of $10,000 and ordered him to pay restitution of $40,919.
A complaint filed in 2017 alleged that while a representative of Aegis Capital, Sean Parikh executed excessive transactions and recommended unsuitable investments. The complaint reached a settlement of $499,999.
A pending complaint filed in 2021 alleges that as a representative of Aegis Capital Corporation, Sean Parikh recommended unsuitable investments. The pending complaint alleges unspecified damages believed to exceed $5,000.
According to the Financial Industry Regulatory Authority (FINRA), Sean Parikh holds 10 years of securities industry experience and is currently suspended from acting as a broker. His prior registrations include Aegis Capital and Max International Broker/Dealer Corporation, both in New York City. He has passed three securities industry qualifying examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He currently holds no state securities licenses. (Information current as of August 18, 2021.)