Broker charged with churning to pay $160,000 penalty

Broker charged with churning to pay $160,000 penalty
SEC bars Emil Botvinnik, a former registered rep with Windsor Street Capital, as part of final judgment that includes $1.14 million disgorgement.
MAY 24, 2021

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.

Latest News

UBS profit beats estimates as Ermotti sees brighter outlook
UBS profit beats estimates as Ermotti sees brighter outlook

Wealth management unit sees inflows of $23 billion.

Evercore to buy advisory firm Robey Warshaw for $196 million
Evercore to buy advisory firm Robey Warshaw for $196 million

Deal will give US investment bank a foothold in lucrative European market.

Gates and Buffett’s Giving Pledge is 15 years old, but many signatories are richer than ever
Gates and Buffett’s Giving Pledge is 15 years old, but many signatories are richer than ever

New report examines the impact that the initiative has had on philanthropy.

Americans stay the course on 401(k) savings despite inflation fears
Americans stay the course on 401(k) savings despite inflation fears

Few feel confident that they will meet their retirement goals.

What advisors need to know about SECURE 2.0’s impact on retirement income planning
What advisors need to know about SECURE 2.0’s impact on retirement income planning

Catch-up contributions, required minimum distributions, and 529 plans are just some of the areas the Biden-ratified legislation touches.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.