Pratul Agnihotri (CRD#: 4031797), a registered representative with SW Financial in Melville, New York, is currently under investigation by FINRA, the Financial Industry Regulatory Authority, according to his BrokerCheck record accessed on December 19, 2019.
What’s going on? On October 18, 2019, FINRA “made a preliminary determination to recommend that disciplinary action be brought against” Pratul Agnihotri. The allegations assert that Pratul Agnihotri stole customer funds, violating FINRA Rule 2010, and engaged in undisclosed outside business activities without notifying his member firm, violating FINRA Rules 2010 and 3270. FINRA Rule 3270 mandates that brokers inform their member firms in writing—and receive written approval—prior to engaging in an outside business activity. This rule exists to prevent potential conflicts of interests.
In addition to this recent investigative action by FINRA, Pratul Agnihotri is also involved in a $650,000 customer dispute that was filed on October 8, 2019. The client alleges that, from December 2013 to October 2019, Pratul Agnihotri engaged in unauthorized trading and selling away. They also allege that Pratul Agnihotri failed to follow instructions, acted negligently, and breached his fiduciary duty. On February 19, 2005, a client alleged that Pratul Agnihotri made unauthorized trades. The client requested $9,11.60 in damages, and the matter was settled for $7,300.
While Pratul Agnihotri currently works for SW Financial (CRD#: 145012), over his 19-year career in the securities industry, he has worked for ten other firms. He has also worked for the following brokerage firms (most of which have had their SEC registration terminated or have been expelled by FINRA):
- Spartan Capital Securities, LLC (CRD#: 146251)
- Aegis Capital Corp. (CRD#: 15007)
- Gunnallen Financial, Inc. (CRD#: 17609)
- Basic Investors Inc. (CRD#: 1187)
- P. Turner & Company, LLC (CRD#: 43177)
- LH Ross & Company, Inc. (CRD#: 37920) – expelled by FINRA on March 17, 2005
- Harrison Securities, Inc. (CRD#: 14103)– expelled by FINRA on December 16, 2004
- Joseph Stevens & Company, Inc. (CRD#: 35459)
- May, Davis Group Inc. (CRD#: 35622) – expelled by FINRA on June 29, 2006
- Milestone Group Management LLC (CRD#: 44486) in Lake Success, New York – SEC registration status terminated on July 18, 2005
If Pratul Agnihotri was your broker and you have concerns about your investments, don’t hesitate to contact a securities attorney to learn about your options for recovery. Contact the securities attorneys of Fitapelli Kurta at (877) 238-4175 or firstname.lastname@example.org for your free case consultation.