On September 7th, 2018, the Securities and Exchange Commission (SEC) charged Emil Botvinnik (CRD#: 4359481) and Jovannie Aquino (CRD#: 4876661) with securities fraud. The charges, which were filed in the United States District Court for the Southern District of New York, allege that these brokers churned (excessively traded) the accounts of retail customers.
SEC Charges: Emil Botvinnik and Jovannie Aquino
The SEC filed two separate legal complaints in this case. While both brokers were associated with the same brokerage firm when the misconduct occurred, it took place over two different times periods and at different branch offices.
From June of 2012 to November of 2014, Emil Botvinnik was employed at Meyers Associates L.P. in Miami Beach, Florida. During that time, federal regulators allege that Mr. Botvinnik defrauded at least five different customers through the churning of their accounts. In all, his alleged fraud is believed to have resulted in nearly $2.8 million in losses for investors as well as $3.7 million in ‘ill-gotten gains’ for himself.
Notably, Meyer Associates changed its name to Windsor Street Capital in 2015. While the firm’s name was changed, misconduct continued. Jovannie Aquino, who was employed at Windsor Street Capital in New York, New York, is also believed to have engaged in a pattern of unsuitable, excessive trading. The SEC contends that Mr. Aquino defrauded at least seven different investors. In total these investors sustained nearly $900,000 in losses and Mr. Aquino took in a corresponding $900,000 in illegitimate commissions and fees. Windsor Street Capital (formerly Meyers Associates) was expelled by FINRA earlier this year.
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At Sonn Law Group, our law firm is passionate about protecting the rights of investors. If you sustained significant investments losses due to churning or any other type of broker misconduct, we can help. Contact us today for a free review of your claim.
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