Securities Arbitration Lawyers BlogFINRA Hands Satya Brata Shaw Six-Month Suspension and $10K Fine
Satya Brata Shaw (CRD #1229175) is a former registered broker and investment advisor last employed by Center Street Securities, Inc. (CRD #26898) of Wesley Chapel, FL, until November of 2016. His previous employers include Madison Avenue Securities, Inc. (CRD #23224) and AXA Advisors, LLC (CRD #6627) of Tampa, FL and MONY Securities Corporation (CRD #4386) of New York, NY. No current employment information is available. He has been in the industry since 1984.
Business Ventures and Suspension
Shaw was recently fined $10,000 and suspended by FINRA for six months, effective 08/07/2018 for numerous violations, including:
- He failed to notify his firm that he had six outside business ventures, all limited liability companies. He had a management role in five of these companies, which were owned by his wife and were created for her to rent out real estate. He was engaged with these companies from 2/8/2010 until 11/18/2018, when he was terminated by Center Street Securities.
- In the sixth LLC, a business referral arrangement, Shaw worked with an insurance agent who was not registered with a broker. The agent curated his clients who expressed an interest in diversification of their securities, and referred them to Shaw in exchange for “securities transaction-based compensation.” Over time, Shaw paid $46,680 to the individual.
Florida Office of Financial Regulation Investigation
Shaw was also the subject of an investigation by the Florida Office of Financial Regulation. Filed on 11/17/2016, the Office investigated Shaw for “violations of state, federal and industry rules and regulations.” Shaw’s registration with Center Street Securities was terminated the following day.
Other Disciplinary Actions
Previously, Shaw was the subject of multiple state regulatory actions. On 11/6/2009, the state of South Carolina fined Shaw $3,000 in administrative penalties for not renewing his insurance license on time. During the time he was unlicensed, he continued to write policies for South Carolina customers. The issue was settled after he renewed his license and paid the fine.
However, he failed to report this sanction when renewing his license in five other states. Two of those states, Florida and North Carolina, fined Shaw and settled. The other three states, California, Utah and Virginia, revoked Shaw’s license entirely.
Did You Invest With Florida-Based Satya Brata Shaw?
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