Securities Arbitration Lawyer Blog
Robert Yasnis is a stockbroker with Worden Capital Management LLC (“Worden Capital Management”) in New York, New York. Mr. Yasnis has a history of customer disputes, regulatory actions, and association with disreputable brokerage firms that have been expelled by FINRA.
If you have lost money with broker Robert Yasnis or Worden Capital Management, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Worden Capital Management
According to a 2017 investigation by Reuters, Worden Capital Management hired more brokers with a history of significant disclosures than all but twenty-four other firms in the country. In 2021, Iorio Altamirano LLP set out to update that analysis.
The investigation revealed that fifty-four percent (54%) of Worden Capital Management’s brokers and supervisors have significant “red flag” public disclosures. Significant red flag disclosures include:
- regulatory sanctions,
- terminations of employment after allegations of misconduct,
- customer disputes that result in an award or settlement, and
- prior association with a firm that FINRA has expelled.
You can read the full investigative report here: Investigative Report: Worden Capital Management LLC’s Owners, Executives, and Brokers Have Concerning Red Flag Disclosures
Mr. Yasnis is one of the brokers who had serious incidents reported on his BrokerCheck report.
Financial Advisor Robert Ruvein Yasnis (CRD No. 2399141)
Mr. Yasnis has 25 years of experience in the securities industry and has been associated with 19 different broker-dealers. He averages just over a year and three months at each stop. In October 2017, he was hired by Worden Capital Management.
Regulatory Disclosures
On July 25, 2013, Florida’s Office of Financial Regulation issued a final order denying Mr. Yasnis’s application for registration as an associated person of Meyers Associates, L.P. after he allegedly made a material misrepresentation or misstatement on his application for registration.
In 1997, the Virginia State Corporation Commission Division of Securities alleged that Mr. Yasnis offered for sale and sold unregistered securities. Mr. Yasnis agreed to a fine.
On December 22, 1994, The Texas State Securities Board issued a consent order denying Mr. Yasnis application for registration after he allegedly represented that he was registered to sell securities in Texas and had been for over a year, when in fact he was not.
Prior Associations
Since 2013, Mr. Yasnis has been affiliated with the following brokerage firms:
- Worden Capital Management, from October 2014 to the present.
- Laidlaw & Company (UK) Ltd., from February 2013 to July 2013.
Prior to February 2013, Mr. Yasnis was associated with 16 other brokerage firms, including the following four firms which have been banned from the securities industry by FINRA:
- Meyers Associates, L.P. (expelled by FINRA), from October 2012 to January 2014.
- Hallmark Investments, Inc. (expelled by FINRA), from February 2007 to July 2009.
- Kirlin Securities, Inc. (expelled by FINRA), from November 1997 to December 1997.
- Fletcher And Faraday, Inc. (expelled by FINRA), from November 1994 to April 1995.
Customer Complaints
According to his BrokerCheck report, Mr. Yasnis has been the subject of several customer complaints. Since 2016, Mr. Yasnis has been the subject of the following customer disputes:
- Customer Dispute (December 2020): A customer filed a securities arbitration complaint alleging overconcentration, unsuitability, and excessive trading. The customer is seeking $148,119 in damages. The alleged conduct occurred when Mr. Yasnis was employed by Laidlaw & Company (UK) Ltd. The dispute is pending.
- Customer Dispute (January 2021): A customer filed a securities arbitration complaint alleging $76,300 in damages. The customer alleged that Mr. Yasnis churned and excessively traded the customer’s account and also made unsuitable investment recommendations. The alleged conduct occurred when Mr. Yasnis was employed by Laidlaw & Company (UK) Ltd. The dispute was settled by Mr. Yasnis for $20,000.
Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker.
Churning is a more egregious variation of excessive trading. Churning refers to a situation where the broker executed an excessive number of trades and did so with the intent to defraud or reckless disregard for the customer’s interest.
Excessive trading and churning are unethical and illegal practices in the securities industry. They are all also violations of securities rules and regulations and can cause enormous harm to customers.
Worden Capital Management LLC – Supervisory Duties
Brokerage firms like Worden Capital Management LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you or a loved one were a customer of Robert Yasnis or Worden Capital Management LLC and either sustained financial losses or suspect that Mr. Yasnis did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.