Edward Beyn (CRD#: 5406273) is a former FINRA broker. From September of 2015 to March of 2016, Mr. Beyn was a representative for Rothschild Lieberman in Syosset, NY. Prior to that, he was associated with Craig Scott Capital (2012 to 2015) and Brookstone Securities (2010 to 2012).
In recent years, several complaints of churning and excessive trading have been filed against this financial advisor. In January of 2019, Edward Beyn was barred from the securities industry for churning, excessive trading, and failing to pay an arbitration award. He is appealing the decision.
Excessive Trading: Former Securities Broker Edward Beyn
Since 2014, several different investors have filed complaints against former securities broker Edward Beyn alleging losses related to churning or excessive trading. Put simply, churning occurs when a broker makes trades merely to generate additional fees for themselves. Churning almost invariably causes investors to suffer major losses.
According to FINRA, Mr. Beyn engaged in a pattern of quantitatively unsuitable trading in multiple different client accounts — meaning he traded securities so frequently that it was almost a mathematical certainty that his clients would lose money.
While he raked in substantial commissions and fees, nearly $900,000 for his firm and $650,000 for himself, his investors suffered more than $2.9 million in financial losses. Mr. Beyn is currently barred from the industry, while his case is still on appeal with the Securities and Exchange Commission (SEC).
Speak to a Broker Churning Lawyer Today
At Sonn Law Group, our FINRA arbitration attorneys have extensive experience handling churning and excessive trading claims. To arrange a free, strictly confidential review of your case, please do not hesitate to contact our law office today.
Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.