Published On: January 14, 2016

The Financial Industry Regulatory Authority (FINRA) recently barred Malcolm J. Babit from the industry. He allegedly was involved in misappropriation, unlicensed security solicitation and an outside business activity and potentially a private securities transaction. This is commonly referred to as selling away, and is when a broker solicits or sells a security without the knowledge of his investment firm. It is used to generate large commissions for the broker and is against securities rules and regulations. Babit was registered with PFS Securities. If you invested and lost money with Malcolm J. Babit, please call our securities law firm in Chicago to speak to an attorney for free. You may be able to bring a claim against PFS Securities for failing to properly supervise him while he was employed there. They may be liable for your investment losses. We take cases on a contingency fee basis only, which means we only make money if you recover.

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If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

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