Securities Arbitration Lawyer Blog
**Update 4/13/2021** The Financial Industry Regulatory Authority (“FINRA”) has barred broker Evan Schottenstein from the securities industry for refusing to cooperate with a FINRA investigation into issues related to his discharge from J.P. Morgan Securities, including illegal trading activity in his Grandmother’s account.
Original Post:
Former JP Morgan Broker Evan Schottenstein Accused of Abuse of Fiduciary Duty and Misrepresentations – FINRA
A FINRA arbitration panel issued a $19 million award for an elderly customer, Beverley B. Schottenstein, of Bal Harbour, FL, for illegal trading in her accounts by J.P. Morgan Securities and two of her grandsons. The compensation is to be paid by J.P. Morgan Securities and her grandsons, Evan Schottenstein and Avi Schottenstein, who are brothers and were acting as her brokers.
According to the FINRA award dated February 4., the Claimants asserted the following causes of action: constructive fraud/abuse of fiduciary duty; fraudulent misrepresentations and omissions; and violation of Chapter 415, Fla. Statutes. The causes of action related to the allegedly unauthorized purchase and/or sale of various securities in Claimants’ account included multiple auto-callable structured notes and various other securities for which J.P. Morgan was a market maker, including Apple stock, as well as initial public offerings (IPOs) and follow-on offerings (FPOs).
Iorio Altamirano LLP is investigating the allegations surrounding Evan Schottenstein. If you have lost money with Evan Schottenstein or J.P. Morgan, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Evan Schottenstein (CRD#: 4929175)
Evan Schottenstein has 13 years of experience in the securities industry. His FINRA CRD shows four customer disputes; two customer disputes were denied, and one was withdrawn.
The customer dispute that led to the $19 million award held brokers Evan Schottenstein and Avi Schottenstein individually liable for nearly $9.8 million of the total. They are currently challenging the award in the U.S. District Court in the Southern District of Florida.
Schottenstein was terminated by J.P. Morgan over “concerns relating to trading activity for the account of a family member, and the accuracy of the records regarding the same.” He was previously registered with the following firms:
- J.P. Morgan Securities LLC, New York, NY (March 10, 2014 – July 23, 2019);
- Morgan Stanley, New York, NY (June 1, 2009 – March 25, 2014); and
- Citigroup Global Markets Inc., New York, NY (January 1, 2006 – June 1, 2009).
Schottenstein is no longer registered as a broker.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Evan Schottenstein, or J.P. Morgan, contact New York securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@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. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.