Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, M B “Mickey” Schreiber (CRD # 1032600) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into using unauthorized discretion in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Schreiber.
Registration Background for Mickey Schreiber
Mr. Schreiber first became registered in the securities industry in 1982. FINRA BrokerCheck shows that he is currently registered with Red Bank, NJ based Aegis Capital Corp. (CRD # 15007). His prior registrations and/or employments include National Securities Corporation (CRD # 7569) from November 2012 to August 2016, Newbridge Securities Corporation (CRD # 104065) from November 2007 to November 2012, and Summit Brokerage Services, Inc. (CRD # 34643) from January 2007 to October 2007.
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated October 31, 2022 (No. 202006S693301), Mr. Schreiber consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between September 2017 and September 2021, [Mr.] Schreiber exercised discretionary trading authority to effect at least 295 trades in the accounts of 27 Firm customers without first obtaining written authorization from the customers and Aegis to treat the accounts as discretionary”;
- “[Mr.] Schreiber also improperly marked 181 of the discretionary trades as “unsolicited” and used a personal e-mail address to communicate with customers concerning their firm accounts and securities transactions”;
- “[Mr.] Schreiber falsely stated on the Firm’s 2017, 2018, 2019, 2020 and 2021 annual compliance questionnaires that he did not exercise discretionary authority in any customer accounts”; and
- By virtue of his actions, Mr. Schreiber violated NASD Rule 2510(b) regarding discretionary accounts, FINRA Rule 3260(b) regarding discretionary trading, FINRA Rule 2010 regarding standards of commercial honor and principles of trade, and FINRA Rule 4511 regarding preserving books and records.
FINRA Suspends Mickey Schreiber from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s October 31, 2022 AWC also indicates that Mr. Schreiber consented to the following sanction(s):
- A three-month suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $5,000.00.
Mickey Schreiber Has A Prior History of Securities Industry Customer Complaints
In addition to Mickey Schreiber being suspended by FINRA from the securities industry after an investigation into using unauthorized discretion in customer accounts, FINRA BrokerCheck for Mr. Schreiber reveals that he has a prior history of customer complaints and/or customer-initiated arbitrations, including but not limited to the following:
- On February 10, 2020, a customer-initiated arbitration was filed naming Mr. Schreiber as a respondent, regarding alleged actions that occurred while he was associated with Aegis Capital, Corp. The customer’s allegations included unsuitability, unauthorized trading, churning, misrepresentation, negligence, breach of contract and omission of material facts. The customer further alleged damages in the amount of $98,000.00. On March 23, 2020, the arbitration was settled in the amount of $40,000.00.
- On September 14, 2000, a customer-initiated arbitration was filed naming Mr. Schreiber as a respondent, regarding alleged actions that occurred while he was associated with The Concord Equity Group. The customer alleged unsuitability and misrepresentation. The customer further alleged damages in the amount of $487,000.00. On May 7, 2002, the matter was settled in the amount of $80,000.00.
- On February 10, 2020, a customer-initiated arbitration was filed naming Mr. Schreiber as a respondent, regarding alleged actions that occurred while he was associated with Aegis Capital, Corp. The customer’s allegations included unsuitability and breach of contract. The arbitration is currently pending.
If you or someone you know has or had a brokerage account with M B “Mickey” Schreiber and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.