Securities Arbitration Lawyers Blog
SEC Charges Former Broker Steven Pagartanis For – Banned by FINRA
The SEC has filed criminal charges against former broker Steven Pagartanis (CRD #1958879). These charges involve defrauding his long-time customers into investing in his own company, a security that was not sold by his firm. He promised his customers that the funds would give them guarantee interest payments. Pagartanis was, in reality, using the money for personal expenses and making “interest payments” out of that account. He created fictitious account statements for his customers to show “ownership.” When he stopped making the payments and complaints were filed, it became clear that he was not operating ethically.
In addition to SEC charges, he has also been barred by FINRA from acting as a broker or other registered agent after his customers complained about these unapproved investments. Pagartanis’ last employer of record was Lombard Securities Incorporated (CRD #27954) in Seatauket, NY, where he worked from 09/07/2017 through 03/17/2018.
Pagartanis was a broker for 28 years. His previous employers include:
Thomas Murray (CRD #721725) has received a securities arbitration claim according to the Financial Industry Regulatory Authority (FINRA) CRD system.
Samuel Haddix (CRD #4427350) is barred from association with any FINRA member in any capacity. Respondent failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.
David Olson was with Morgan Stanley’s St. Petersburg, Florida office until January 2017 when he was discharged after an allegation he engaged in an outside business that was not presented to Morgan Stanley for approval and Olson solicited a loan from a client for that venture. This is frequently referred to as 
Lawrence Fawcett (CRD #5851474) was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Fawcett consented to the sanction and to the entry of findings that he failed to produce documents and information requested by FINRA, and failed to appear for on-the-record testimony, in connection with an investigation regarding his outside business activities. Westpark Capital discharged Lawrence Fawcett following allegations that he conducted business from a non-disclosed location as well as made false representations to Westpark.
avid Barber (CRD #1165082) was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Barber consented to the sanction and to the entry of findings that he failed to produce information and documents requested by FINRA during the course of an ongoing examination to determine whether he engaged in unauthorized trading in the accounts of customers of his member firm, exercised discretion in customer accounts without written authorization, or otherwise acted in violation of FINRA rules.