Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on December 21, 2016 indicate that former Minnesota-based Northland Securities broker Nicholas Shermeta has been barred by the Securities and Exchange Commission (SEC). The experienced attorneys at Fitapelli Kurta are interested in hearing from investors who have complaints regarding Mr. Shermeta (CRD# 2414010).
Nicholas Shermeta has spent 22 years in the securities industry and was most recently registered with Northland Securities in Minneapolis, Minnesota (2011-2016). Previous registrations include Feltl & Company in Minneapolis, Minnesota; Miller Johnson Steichen Kinnard in Minneapolis, Minnesota; Paradise Valley Securities in Phoenix, Arizona; Equity Securities Investments in Golden Valley, Minnesota; Equity Securities Trading in Vancouver; and John G. Kinnard & Company in Minneapolis, Minnesota. He is currently not registered with any state or firm.
According to his BrokerCheck report, Nicholas Shermeta has received two regulatory sanctions.
In October 2016 the SEC sanctioned Nicholas Shermeta in connection to allegations he sold shares in a private placement through an unregistered entity. According to the SEC: “these proceedings arise out of the sale by Nicholas H. Shermeta of shares of stock in a private placement by a company. Although Shermeta was a registered representative of a registered broker-dealer at all relevant times, he did not sell the shares through his registered firm. Rather, Shermeta and the company agreed that the company would pay substantial commissions for Shermeta’s sales of its securities to an unregistered entity of which Shermeta was the sole member.” He was ordered to pay a fine of $50,000, disgorgement of $75,000, and other monetary penalties exceeding $11,000. He was also permanently barred this individual from acting as a broker or investment adviser or otherwise associating with firms that sell securities or provide investment advice to the public.
In 2014 FINRA sanctioned Nicholas Shermeta following allegations he “transmitted buy orders in [a] company’s stock to his firm’s trading desk on behalf of five customers with instructions to execute the transactions in the last ten minutes of the trading day, a practice commonly known as ‘marking the close.’” He was issued a 45-day suspension and a fine of $25,000.
If you have lost money investing with Nicholas Shermeta, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recover lost funds. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.