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Broker Complaints: KJM Securities (CRD# 20277)

The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against New York-based brokerage firm KJM Securities (CRD# 20277).

Formed in New York in 1986, KJM Securities is headquartered in Bronxville, New York and registered with four US states: Connecticut, Georgia, New York, and Texas. Kosta John Koustakas is President, Chief Executive Officer, Chief Financial Officer, and Chief Compliance Officer.

According to the firm’s BrokerCheck report, KJM Securities is the subject of two regulatory sanctions.

In 2013 the Financial Industry Regulatory Authority sanctioned KJM Securities following allegations the firm, acting through Kosta John Moustakas, charged unfair and unreasonable excessive markups and markdowns on municipal bond transactions; failed to establish and maintain adequate supervisory procedures designed to ensure compliance with securities rules and regulations; failed to establish an anti-money laundering program; failed to ensure compliance with the Bank Secrecy Act; “used the instrumentalities of interstate commerce” to effect securities business without maintaining the required minimum net capital; failed to include debts totaling more than $400,000 in its net capital calculations; failed to establish and maintain supervisory procedures designed to ensure compliance with numerous securities rules and regulations; and permitted individuals to register as securities representatives without conducting securities business. The firm was censured and issued a $20,000 fine; Kosta John Moustakas was concurrently issued a $5,000 fine and a 20-day suspension from the securities industry.

If you have suffered losses while investing with KJM Securities, you may be entitled to a recovery. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.