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, Avi Schottenstein and Evan 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 Avi Schottenstein. If you have lost money with Avi Schottenstein or J.P. Morgan, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Avi Schottenstein (CRD#: 5708665)
Avi Schottenstein has nine years of experience in the securities industry. His FINRA CRD shows one customer dispute. As discussed above, the dispute led to the $19 million award holding Avi Schottenstein and Evan Schottenstein individually liable for nearly $9.8 million of the total. Avi Schottenstein is liable for $602,251 of that amount. They are currently challenging the award in the U.S. District Court in the Southern District of Florida.
Schottenstein was previously registered with the following firms:
- J.P. Morgan Securities LLC, New York, NY (March 10, 2014 – July 23, 2019); and
- Morgan Stanley, New York, NY (October 2, 2009 – March 25, 2014).
He is no longer registered as a broker.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Avi 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.