Meyer Wilson Werning is investigating allegations that New York-based broker Sebastian Wyczawski engaged in excessive and unsuitable trading, including the use of margin, in customers’ accounts. Wyczawski currently works for VCS Venture Securities. He previously worked for Joseph Stone Capital L.L.C.
Wyczawski was suspended for five months and sanctioned by FINRA in connection with his engagement in excessive and unsuitable trading. He was also previously the subject of a customer complaint for unauthorized trading that was settled.
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Excessive trading, or churning, typically occurs when a broker trades in a client’s account for the purpose of generate commissions. A high number of trades may not align with a customer’s financial circumstances and investment goals and result in investment losses for the client. FINRA rules require that brokers have a reasonable basis to believe a recommendation involving a security or securities is suitable for you. Otherwise, they may be held liable for your resulting investment losses.
If you suffered financial losses due to Sebastian Wyczawski’s excessive and unsuitable recommendations, contact Meyer Wilson Werning today for a free consultation to discuss your legal options.
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