A federal court in New York has ordered Emil Botvinnik, a former registered representative with Windsor Street Capital, to pay a civil penalty of $160,000, disgorgement of $1.14 million and more than $208,000 in interest as part of a final consent judgment. He also consented to being barred from the industry.
In September 2018, the Securities and Exchange Commission charged Botvinnik with defrauding five retail customers by recommending frequent, short-term trades that generated large commissions but were almost guaranteed to lose money for his customers. The SEC charged that as a result of churning by Botvinnik and another broker, Jovannie Aquino, clients lost $3.6 million in aggregate while the brokers generated $4.6 million in commissions.
At the time of the fraud, Botvinnik and Aquino worked for the New York-based brokerage Meyers Associates, which subsequently changed its name to Windsor Street Capital. The Financial Industry Regulatory Authority Inc. expelled Windsor Street Capital from the securities industry in May 2018.
Botvinnik worked at 11 firms from 2005, when he began his career, to 2018.
The top-ranked RIA by total AUM continues to scale its wealth management arm, bringing its Pennsylvania presence to five offices.
The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.
Chicago Partners Wealth Advisors is helping shape the platform's product roadmap after switching from a legacy system.
RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
