FINRA suspends former Spartan Capital rep for extreme buying and selling

The Monetary Business Regulatory Authority (FINRA) has suspended Murat Kartal, a former normal securities consultant of Spartan Capital Securities, for 10 months. Kartal is suspended

from associating with any FINRA member in all capacities.

From August 2017 by August 2018, whereas registered with FINRA by Spartan Capital, Kartal excessively traded a senior buyer’s account in violation of FINRA Guidelines 2111 and 2010.

From August 2017 by August 2018, Kartal engaged in quantitatively unsuitable buying and selling in a senior buyer’s account leading to a excessive turnover fee, excessive annualized cost-to-equity ratio, and important losses.

Kartal effected 150 transactions in his buyer’s account, leading to an annualized turnover fee of 49.36 and an annualized cost-to-equity ratio of 197 %. Kartal’s buying and selling within the buyer’s account generated complete buying and selling prices of $206,667, together with $189,446 in commissions, and induced $51,959 in realized losses.

His buyer routinely adopted his suggestions to interact in excessive frequency buying and selling and, because of this, Kartal exercised de facto management over the account. Kartal’s buying and selling within the buyer’s account, was extreme and unsuitable given the client’s age and funding profile.

On December 22, 2022, Spartan Capital filed a Uniform Termination Discover for Securities Business Registration terminating Kartal’s registration by the agency. Though Kartal is now not registered or related to a FINRA member agency, he stays topic to FINRA’s jurisdiction.

Kartal has submitted a press release of monetary situation and demonstrated an incapacity to pay. In gentle of his monetary standing, no financial sanctions have been imposed.