Former IFS Securities broker Jay Chitnis was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he “engaged in a scheme to fraudulently obtain funds from his member firm’s clearing firm in order to keep the firm afloat and support his own lifestyle.” He also participated in a “pattern of fictitious trading” in which he “would purchase fixed income securities into his firm’s inventory account from institutional customers and then sell the same positions from the firm’s inventory to other institutional customers.” He allegedly “intentionally and wrongfully obtained and exercised ownership over $680,917.36 of the clearing firm’s funds as a result of his fictitious trading scheme.” This complaint was lodged in February 2016.
Another complaint, filed in 2001, claimed that Mr. Chitnis, while employed at Stoever Glass & Co., breached his fiduciary duty, recommended unsuitable investments, failed to disclose information and sold multiple leases “which turned out to be a ponzi scheme.” Chitnis was registered with Stoever, Glass & Co. in New York, New York from September 1992 until April 1995, Gruntal & Co., CIBC Oppenheimer Corp, First Union Capital Markets Corp, First Union Securities, McDonald Investments Inc., Register & Akers Investments, Yieldquest Securities and IFS Securities in Atlanta, Georgia from October 2015 until March 2016. He has one customer dispute against him. He is not licensed within the industry, according to his online FINRA BrokerCheck report. Please call us today if you feel like you have a claim against Jay Chitnis. You may be able to sue his former firm for not properly supervising him while he was employed there. The call to us is free. Please call today as time is of the essence.
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