Edward Beyn—Churning Customer Accounts
Edward Beyn Allegedly Brought in More than $1.7 Million in Commissions by Purportedly Churning Accounts at Craig Scott Capital of Customers over Age 60
Edward Beyn allegedly brought in more than $1.7 Million in commissions by purportedly churning accounts at Craig Scott Capital of customers over age 60, according to a Complaint from FINRA’s Department of Enforcement.
Beyn, from March 2012 through May 2015, allegedly churned nine accounts of six customers, all over the age of 60, and also purportedly profited as he violated securities rules, said FINRA Complaint notes.
The FINRA Complaint further alleges that Beyn’s short-term trading strategy involved quickly turning over the accounts to manifest “outsize commissions for himself” and Craig Scott Capital.
Edward Beyn’s Customers Ranged from Age 61 to 72, Including Business Owners Involved in Construction, Welding Equipment and Airline Parts; All Allegedly Suffering Net Losses
Edward Beyn’s customers ranged from age 61 to 72, including business owners involved in Construction, welding equipment and airline parts, according to the aforementioned Complaint from FINRA’s Department of Enforcement.
The Complaint further alleges that said customers all suffered net losses, and that Beyn allegedly “relied heavy on buying and selling equities of companies releasing their earnings reports as a catalyst for excessively trading”.
Finally, Edward Beyn is now registered with Rothschild Lieberman in Syosset, N.Y., according to Finra’s BrokerCheck, and has been registered with the firm since September.
The Peiffer Rosca Wolf Securities Lawyers Are Helping Investors
The Peiffer Rosca Wolf securities lawyers help investors who lose money as a result of churned customer accounts. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of failure to ensure that registered representatives did not churn customer accounts are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.