Todd Michael Ellentuck, a previously registered investment adviser and broker based in New Jersey, is the subject of a customer dispute involving him on allegations including negligence, breach of fiduciary duty and fraud among others, according to an investigation by attorney Alan Rosca.
Investor attorney Alan Rosca, of Rosca Scarlato LLC law firm is investigating conduct related to the customer dispute involving former broker Todd Ellentuck on the allegations of negligence, breach of fiduciary duty and fraud among others.
Ellentuck investors who are concerned about their investments with Todd Ellentuck are encouraged to discuss their case with an experienced securities lawyer. Call 888-998-0530, email arosca@rscounsel.law, or leave a message on this page for a free consultation.
Concerned about investments with
Todd Ellentuck Is the Subject of a Customer Dispute
Publicly available information reviewed by attorney Alan Rosca, revealed that ex Aegis Capital broker Todd Ellentuck has two settled customer dispute disclosures, according to his FINRA Brokercheck page.
As reported on the FINRA Brokercheck page, one customer dispute was disclosed on July 6, 2020. The client initiated the dispute alleging negligence. The client also alleged that breach of his fiduciary duty to them, breach of contract, and common law fraud.
The client alleged that these acts were carried out between the period of August 2017 and November 2018, and that the product type involved was a private placement. As a result, the client is seeking to recover $420,000 in damages from the dispute. As disclosed in Ellentuck’s CRD, the customer dispute was filed with FINRA in Tampa, FL.
Generally speaking, financial advisors are expected to always act in the interest of their clients and often times owe fiduciary duties to the clients and investors. Such duties are enforced by ensuring that investment recommendations and actions are appropriate and compatible with investors’ financial plans and needs. Where a financial advisor fails to do so, he or she could be alleged to have breached their fiduciary duty to the client and could be held liable and made to pay damages and other penalties. These considerations are general and do not constitute legal advice as to any particular investor. Investors are encouraged to seek advice from an investor loss attorney who can discuss about their legal options upon familiarizing himself or herself with the investors’ specific factual situation.
Former UBS and Aegis Broker Todd Ellentuck Has Another Settled Customer Dispute Disclosure
The investor loss attorneys at Rosca Scarlato also found that Todd Ellentuck had another settled a customer dispute disclosure, shown as settled on July 28, 2017. The dispute was instituted on the allegations of failure to adequately disclose the risks associated with their investments.
The client also alleged that the fees and commissions were excessive, the investment recommendations were poor, and unauthorized trading. The client initially requested $750,000 as damages from the dispute, but the dispute was eventually settled for $90,000.
Ellentuck Has Been A General Securities Representative since 1984
New Jersey previously registered investment adviser and broker Todd Michael Ellentuck switched nine firms in 33 years. In March 2012, Ellentuck joined UBS Financial Services in Florham Park, NJ, where he stayed until October 2016, when he was discharged by UBS for allegedly violating firm order entry policy by failing to enter trade immediately upon receipt, in addition to accepting certain orders from non-customers without prior trading authorization. The firm also alleged that, in certain cases, Todd Ellentuck received both fees and commissions/sales credits in connection with transactions in the same securities.
Shortly after, in December 2016 he joined Aegis Capital Corp in Morristown, New Jersey, where he remained registered until the end of October 2018.
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.
Concerned about investments with
Investor Attorney Investigating Allegation Against Former Aegis Broker
The investor loss attorneys of the Rosca Scarlato LLC law firm advise and represent investors who have been victims of broker misconduct or investment-related fraud, and are currently investigating conduct related to Todd Ellentuck’s customer dispute disclosures on the allegation of negligence, breach of fiduciary duty and fraud among others.
Investors should note that the firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, 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 conducts related Todd Ellentuck’s customer dispute disclosures alleging negligence, breach of fiduciary duty and fraud among others, may contact attorney Alan Rosca for a free, no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage
