Broker Pratul Agnihotri allegedly engaged in an outside business activity without providing prior written notice to either of his member firms, used a customer’s securities or funds improperly, and executed unauthorized trades, according to a Final Regulatory Action disclosed on Agnihotri’s FINRA Brokercheck Report, under review by attorney Alan Rosca.
Investor right attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Pratul Victor Agnihotri’s alleged outside business activity. Investors who believe they may have lost money in activity related to Agnihotri’s alleged outside business activity are encouraged to contact attorney Rosca with any useful information for a free, no obligation discussion about their recovery options.
Pratul Victor Agnihotri Suspended and Fined $7.5K by FINRA
Starting February 2015 until January 2019, while associated with Aegis Capital Corporation and Spartan Capital Securities, broker Pratul Agnihotri reportedly formed and became the Chief Executive Officer of Exergizer Corporation, a company that purportedly sold an exercise apparatus, according to his Brokercheck page.
From February 2015 until October 2017, when Agnihotri left Aegis, he allegedly never provided written notice of his involvement or status as CEO of Exergizer to Aegis. From the time Victor Agnihotri was first associated with Spartan in October 2017 until he was allegedly terminated in January 2019, Agnihotri did not provide any written notice of his involvement in Exergizer to Spartan, according to his Brokercheck page.
Concerned about investments with
In April 2018, Agnihotri allegedly improperly used a customer’s securities and funds, in violation of FINRA rules. Broker Pratul Agnihotri reportedly received an $8,000 check from a Spartan customer, and he did not provide any written documentation indicating how the funds were going to be used.
Allegedly, Pratul Victor Agnihotri deposited the customer’s check into the Exergizer bank account, which is controlled by Agnihotri and he reportedly used approximately $919 of the $8,000 to pay expenses that he reportedly categorized as related to Exergizer business, according to his Brokercheck page. Agnihotri later repaid the entire $8,000 to the customer.
Former broker Pratul Agnihotri agreed and signed the FINRA Letter of Acceptance, Waiver and Consent on October 2, 2020, reportedly consenting to the sanctions and to the entry findings that he engaged in an outside business activity without providing prior written notice to his member firms and improperly used customer’s funds. Based on the previously stated alleged behavior, Agnihotri has been suspended for 12 months and fined $7,500 by FINRA, the AWC reports.
Pratul Agnihotri is the Subject of Multiple Customer Dispute Disclosures
The latest customer dispute disclosure filed in October 2019 is alleging unauthorized trading, failure to follow instructions, selling away, negligence, and breach of fiduciary duty. The alleged damages for the aforementioned misconduct is $650,000.
When Agnihotri was associated with J.P. Turner in 2005, a customer filed a dispute for alleged unauthorized trades, seeking $9,411.60 in damages. The dispute settled for $7,300, according to this Brokercheck page.
Agnihotri investors who believe they have been victims of Pratul Agnihotri’s alleged unauthorized trading are encouraged to contact an attorney at Rosca Scarlato LLC law firm for a free case evaluation of their recovery options by calling 888-998-0530, email at arosca@rscounsel.law, or through the contact form on this webpage.
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Pratul Agnihotri Has Been Registered with FINRA Since 1999
Pratul Agnihotri has worked for 19 years in the securities industry at 11 different firms and was most recently registered with SW Financial in Melville, New York from July 2019 until October 2020, as reported by FINRA.
Previous registrations also include:
- Spartan Capital Securities in New York, New York(October 2017 – January 2019)
- Aegis Capital Corporation in Melville, New York (February 2010 – October 2017)
- Gunnallen Financial in New York, New York (December 2008 – March 2010)
- Basic Investors in New York, New York(March 2005 – October 2008)
- P. Turner & Company in Atlanta, Georgia (September 2004 – March 2005)
- LH Ross & Company in Boca Raton, Florida (April 2004 – October 2004)
- FINRA expelled the firm in March 2005
- Harrison Securities in Port Washington, New York (August 2003 – April 2004)
- FINRA expelled the firm in December 2004
- Joseph Stevens & Company in Brooklyn, New York (July 2002 – August 2003)
- May, Davis Group in New York, New York( March 2002 – July 2002)
- FINRA expelled the firm in June 2006
- Milestone Group Management in Lake Success, New York (June 2001 – March 2002)
- May, Davis Group in New York, New York (October 1999- November 2000)
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Lost Money With Pratul Agnihotri’s Alleged Outside Business Activity?
Broker misconduct lawyers at Rosca Scarlato LLC law firm often represent investors who lose money as a result of investment related fraud and are currently investigating Pratul Agnihotri’s alleged involvement in outside business activity and misuse of customer funds.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, we only get paid for the fees and costs from money recovered for clients. Attorney Alan Rosca has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Pratul Victor Agnihotri’s investment recommendations may contact an attorney for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or fill out the contact form on this webpage.
