Aegis Capital Corp. was fined for violating securities laws at its Westport branch.
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The state Department of Banking has imposed a $20,000 fine on New York-based Aegis Capital Corp. following findings that the firm violated securities laws in its Westport branch.
The Department of Banking’s Securities and Business Investments Division opened an examination Dec. 12, 2023, of Aegis’s broker-dealer branch located in Westport, at 156 Kings Highway North.
Among the violations found:
- A non-registered sales assistant received a portion of brokerage commissions in addition to a salary.
- An agent failed to disclose an outside business activity on his Form U4, the mandatory filing that brokers use to register with regulators and report employment history.
- Aegis failed to maintain or send “concentration letters” to some clients as required by its own supervisory procedures. These letters are intended to warn clients of risks from lack of diversification, such as investing only in a particular industry or security.
