South Florida Arbitration & Litigation Lawyer Blog
FINRA Churning and Unauthorized Transaction Arbitration Attorney, Russell L. Forkey, Esq.
September, 2011:
Vishal Birsingh (CRD #4420546, Registered Principal, New Hampton, New York) submitted a Letter of Acceptance, Waiver and Consent in which he was suspended from association with any FINRA member in any capacity for one year. In light of Birsingh’s financial status, no monetary sanctions were imposed. Without admitting or denying the findings, Birsingh consented to the described sanction and to the entry of findings that he engaged in excessive and unsuitable trading in a customer’s brokerage account, which resulted in at least $43,000 in losses. The findings stated that Birsingh did not have reasonable grounds for believing that the transactions were suitable for the customer and the excessive trading in the account resulted in a turnover ratio of about 25.7. The findings also stated that Birsingh entered unauthorized transactions in that customer’s account. The suspension is in effect from July 18, 2011, through July 17, 2012. (FINRA Case #2008014759401).