Sean Sullivan: Why Did Aegis Capital Fire Garden City Advisor?

Aegis Capital recently fired financial advisor Sean Sullivan (CRD# 6283466) in relation to allegations of unauthorized trading. Financial Industry Regulatory Authority records show that the Garden City, New York broker is currently registered with Spartan Capital Securities and has received several investor complaints.

According to a disclosure on Mr. Sullivan’s BrokerCheck report, Aegis Capital terminated his registration in July 2022. The termination related to “multiple allegations of unauthorized trading.” In a comment on the disclosure, Mr. Sullivan wrote, “The Firm was aware that I was seeking new employment for various reasons.” He added that “no one in Senior Management, Supervision or Compliance advised of any issues as it relates to unauthorized trading and filed a discharge despite the knowledge of my intended resignation.”

Mr. Sullivan’s BrokerCheck report discloses two investor complaints. The most recent, filed in 2021, alleged that as a representative of Aegis Capital, he failed to follow instructions. The complaint reached a settlement of $14,500.

A second investor complaint, filed in 2020, alleged that as an Aegis Capital representative, he recommended unsuitable investments, committed fraud, breached contract, committed elder abuse, and engaged in gross negligence. In 2021 the complaint reached a settlement of $145,000. In a comment on the complaint’s disclosure, Mr. Sullivan wrote that the allegations are “absolutely false” and “untrue,” adding that he intended to “vigorously fight” them.

According to the Financial Industry Regulatory Authority, Sean Sullivan holds eight years of securities industry experience. Based in Garden City, New York, he has been a broker with Spartan Capital Securities since July 2022. His past registrations include Aegis Capital (Melville, New York; 2015-2022) and Joseph Stone Capital (Hauppage, New York; 2014-2015). His credentials include the passage of three securities industry qualifying exams: 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 is licensed as a broker in California. (Information current as of July 19, 2022.)

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