Securities Arbitration Lawyers BlogSEC Charges Broker Emil Botvinnik With Excessive Trading, Churning
If you watch your brokerage account regularly, you’ll see the various trades and charges that go along with them. But if you’re seeing transactions that you don’t recall authorizing, and you’re spending a lot more money for fees, commissions and other related charges, it’s time to ask questions. Our South Florida FINRA arbitration attorneys can answer those questions.
Broker Emil Bottvinnik (CRD #4359481) has been charged by the SEC with doing just that very thing. On September 7, 2018, the SEC charged Botvinnik with excessive trading and “churning,” or frequent, short-term trading. This kind of quick-turnover trading paid more in commissions that a client would make from his or her investment.
The SEC alleges that Bottvinnik opened accounts for at least five individuals, and concealed information about what they would be charged for these frequent tradings. Many of these customers were at or near retirement age, and lost $2.8 million for his clients while making commissions of $3.7 million in “ill-gotten gains.” These tradings are alleged to have taken place while was employed with Meyers Associates L.P. in Miami Beach, Florida, from 06/19/2012 through 11/17/2014. Meyers Associates was expelled by FINRA on 5/29/2018.