National Securities Corp. Advisor, Jay Sheth Suspended Three Months from the Securities Industry

NEW YORK, NY

Are you a current or former customer of advisor Jay Sheth at National Securities Corp.? The investment fraud and securities arbitration law firm of Israels & Neuman is looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Jay Sheth, who worked in New York City. Jay Sheth was recently suspended by FINRA for three months regarding allegations he made payments to customers to compensate them for investment losses.

Pursuant to FINRA Rule 2150 a member or representative cannot share in a customer’s losses without written authorization from the brokerage firm. Sheth allegedly made 21 payments totaling $71,581 to 11 customers of National Securities Corp. between 2016 and 2018. To settle these allegations, Sheth agreed to a three month suspension and a $20,000 fine.

Jay Sheth had been a financial advisor with National Securities Corp. from 2004 to April 2022. He has also been the subject of at least two customer complaints, one of which alleges $2.5 million in losses. Sheth worked at an office in New York, New York.

Firms like National Securities Corp. have a duty to supervise their advisors to ensure that they comply with FINRA rules, including suitability obligations. If the advisor and/or brokerage firm fail in this respect, they can be responsible for investors’ damages.

Israels & Neuman is a securities arbitration law firm with offices in Denver and Seattle, but we represents investors all over the country. We have represented over 1,000 investors in the past, including investors who have sued National Securities Corp.

View FINRA AWC: Sheth, j FINRA AWC

View BrokerCheck: Sheth, j BrokerCheck 4.8.22

If you lost money with Jay Sheth or National Securities Corp., contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.