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Dean Kajouras of Fordham Financial Management, Inc. Involved in $1.6 Million Customer Lawsuit

Dean Kajouras (CRD#: 1436548), currently a registered representative with Fordham Financial Management, Inc. of New York, New York is being sued for breach of fiduciary duty, according to his BrokerCheck report accessed on August 6, 2019.

accountant-1238598_1280-300x200On June 8, 2019, Dean Kajouras became involved in a customer dispute in which a client alleges, “misrepresentation, breach of contract, breach of fiduciary duty, statutory and common law fraud, suitability.” The customer is seeking $1.6 million in damages.

On July 28, 2017, Dean Kajouras settled a customer dispute in which a client alleged, “excessive fees and commissions, suitability, over trading, concentration, breach of contract.” The client requested $185,376 but the dispute was settled $15,000.

The Massachusetts Securities Division initiated a complaint against Dean Kajouras on October 20, 2016. According to his BrokerCheck report, “The Administrative Complaint alleges that Mr. Kajouras unsuitably overconcentrated a retired investor’s portfolio in a single security.” Massachusetts ordered Dean Kajouras to pay $60,000 in restitution. InvestmentNews picked up this story in their article “Massachusetts securities regulator Galvin hits two broker-dealers and brokers with complaints.” The article states, “In response to the Massachusetts Securities Division sweep, Spartan Capital indicated it had hired 60 reps with prior disciplinary records between January 2014 and June 2016, according to the statement, with the firm putting only six of those brokers on heightened supervision. The Spartan complaint seeks to bar both the firm and the broker in question, Dean Kajouras, from the securities business in Massachusetts as well as a fine, censure and compensation to investors.” The administrative complaint gives further details about Dean Kajouras’ alleged conduct, including how he, along with Spartan’s CEO, purportedly convinced a retired Massachusetts investor to transfer his IRA and later churned the account, generated over $115,791 in commissions. This was after he allegedly convinced the retired investor to invest almost all his savings–$220,000—with Spartan.

On March 7, 2016, Dean Kajouras settled a dispute in which a client alleged “unsuitability, churning, over concentration, unauthorized transactions, negligence, breach of contract, misrepresentation, and lost opportunity.” The client originally sought $115,414.22 in damages, but the case was settled for $12,500.00.

Dean Kajouras has been involved in two other disputes with Spartan Capital. These disputes concern information contained in his Form U-5. Brokerage firms must fill out a Form U-5 any time a broker leaves a firm for any reason. For more information about the Form U-5 and how the information contained within it can help protect investors, see “What is FINRA Form U5?”

Kajouras’ firm investigated and denied a dispute on April 6, 2015 in which a customer of Spartan Capital Securities alleged “misrepresentation, concentration, failure to follow instructions and lack of performance.” The broker maintains that Spartan refused to provide a copy of the complaint and so he was only able to rely on the U-5 disclosure.

FINRA closed a dispute with no action on March 4, 2015 after an investigation. Originally, “Spartan Capital … amended Mr. Kajouras’ Form U-5 stating that they were in receipt of a written customer complaint alleging mismanagement of account and unauthorized transactions.” The customer requested $140,000 in damages. The broker asserts that Spartan refused to furnish him with a copy of the complaint.

A dispute was closed with no action on October 21, 2014 after a client alleged “mismanagement of account resulting in losses of approximately $220,000.00.”

Spartan Capital Securities terminated Dean Kajouras on September 14, 2014 after he was “found to have acted contrary to firm policy, whereby, he violated a commission fee agreement.”

Dean Kajouras settled a customer dispute on February 1, 2013 after a client “expressed concern with losses in his account, the amount of commission charged due to the trading activity in his account, as well as over concentration of funds in a particular position.” The client did not request damages, but Dean Kajouras and the firm reimbursed him for the overcharged commission, which amounted to $86,842.89.

Dean Kajouras settled a customer dispute on September 30, 1994 after a client alleged that Dean Kajouras’ firm failed to supervise. The client originally requested $1,676,589, but the dispute was settled for $87,500.

Dean Kajouras has had several tax liens. On February 9, 2017, he had a tax lien for $2, 291.77. On October 5, 2017, he had a tax lien for $18,630.03. On January 10, 2019, he had a tax lien for $53,275.14. On September 6, 2018, he had a civil judgment for $39,116.49. On May 15, 2019, he had a tax lien for $391,153.18.

Over his 33 years of experience in the securities industry, Dean Karjouras has worked for many firms, including:

  • Spartan Capital Securities, LLC (CRD #: 146251)
  • Garden State Securities, Inc. (CRD#: 10083)
  • Fordham Financial Management, Inc. (CRD#: 20996)
  • Fairchild Financial Group, Inc. (CRD#: 21404) – expelled by FINRA on December 20, 2001
  • IAR Securities Corp.(CRD#: 5155) – expelled by FINRA on August 28, 2012
  • VTR Capital, Inc. (CRD#: 21404) – expelled by FINRA on December 20, 2001
  • Berkeley Securities Corporation (CRD#: 8397)
  • Gregory & Company (CRD#: 14892)
  • The Stuart-James Company, Incorporated (CRD#: 11691)
  • Shearson Lehman Hutton Inc. (CRD#: 7506)

If you’ve done business with Dean Kajouras and have questions about your investments, don’t hesitate to contact the experienced securities attorneys of Fitapelli Kurta by calling (877) 238-4175 or emailing info@fkesq.com.

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