Did you lose money investing with Alexander Panas (a/k/a Alex Panas) (CRD# 2249803)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Alexander Panas (a/k/a Alex Panas). If you suffered losses investing with Alexander Panas (a/k/a Alex Panas), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of September 26, 2020, Alexander Panas (a/k/a Alex Panas)’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2018057545401
UPDATE 9/26/2020: According to FINRA’s July 2019 Disciplinary Actions: “Alexander Michael Panas III (CRD #2249803, Parsippany, New Jersey) May 28, 2019 – An AWC was issued in which Panas was fined $5,000 and suspended from association with any FINRA member in all capacities for 10 business days. Without admitting or denying the findings, Panas consented to the sanctions and to the entry of findings that after accepting an offer to join another FINRA member firm, he improperly took non-public personal customer information from his member firm, without its or the customers’ knowledge or consent. The findings stated that, as a result, Panas caused his firm to violate the SEC’s Regulation S-P, regarding privacy of consumer financial information and safeguarding personal information. The suspension was in effect from June 17, 2019, through June 28, 2019. (FINRA Case #2018057545401)
Current and Previous Registrations
07/01/2019 – PRESENT KESTRA INVESTMENT SERVICES, LLC (CRD#:42046) MORRISTOWN, NJ
01/25/2018 – 06/19/2019 KESTRA INVESTMENT SERVICES, LLC (CRD#:42046) MORRISTOWN, NJ
07/05/2005 – 02/21/2018 SUMMIT EQUITIES, INC. (CRD#:11039) PARSIPPANY, NJ
01/02/1998 – 07/08/2005 CADARET, GRANT & CO., INC. (CRD#:10641) SYRACUSE, NY
07/22/1996 – 01/20/1998 GUARDIAN INVESTOR SERVICES CORPORATION (CRD#:6635) NEW YORK, NY
04/27/1995 – 12/31/1996 CADARET, GRANT & CO., INC. (CRD#:10641) SYRACUSE, NY
08/20/1993 – 04/28/1995 FINANCIAL NETWORK INVESTMENT CORPORATION (CRD#:13572) EL SEGUNDO, CA
07/13/1992 – 08/19/1993 CADARET, GRANT & CO., INC. (CRD#:10641) SYRACUSE, NY
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Alexander Panas (a/k/a Alex Panas) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
