Securities Arbitration Lawyers BlogEquinox Securities Company and Staff Charged With Fraud Scheme
The firm, as well as its president and CCO, are charged with alleged churning, excessive trading and unsuitable recommendations
Equinox Securities, as well as President Steven Michael Oliveira and CCO Chris Blaine Palkowitsch, were all charged by the FINRA Department of Enforcement in a specific complaint about allegations of excessive churning of customer accounts and excessive trades, in addition to making unsuitable recommendations for customers.
Churning occurs when a broker repeatedly buys or sells securities in a customer’s account in order to generate commissions from those sales without any benefit to the customer. Purchases that don’t appear directly necessary to the customer’s investment goals may be classified as churning and can lead to a FINRA investigation.