E1 Asset Management, Inc. broker Ron Itin (CRD# 2344151) regarding allegations of failure to supervise. He has been registered with E1 Asset Management, Inc. in Jersey City, New Jersey, since 1999.
In June 2015, FINRA suspended him for one month after he consented to the sanctions and to the entry of findings that his member firm “failed to establish and maintain a reasonable supervisory system and that as a principal of the firm, he was responsible for establishing and maintaining its supervisory system.” FINRA found that he “failed to conduct reasonable reviews designed to detect and prevent excessive trading in customer accounts, to document suitability reviews and supervisory approvals of leveraged exchange traded fund (leveraged etf) transactions in customer accounts, and to enforce the firm’s heightened supervision program.”
In October 2022, FINRA sanctioned him to pay a $5,000 civil and administrative penalty and fine and suspended him for one month after he consented to the sanctions and to the entry of findings that “he and his member firm failed to reasonably supervise the fairness of mark-ups the firm charged to retail customers through one registered representative.”
FINRA found that the firm’s written supervisory procedures (WSPs), which he approved, designated him as the “principal responsible for reviewing the reasonableness of mark-ups on customer trades. The WSPs identified factors relevant to that review, including the price and availability of the security and the expense of executing and filling the order. In practice, however, the firm and Itin reviewed mark-ups primarily to determine whether they exceeded the five percent guideline.” FINRA found that the firm and the broker “failed to identify that the firm charged mark-ups that were not fair and reasonable on corporate bond transactions, when trading for its own account.”
Ron Itin Customer Complaints
He has been the subject of 11 customer complaints between 1996 and 2023, one of which was denied, and two were closed without action, according to his CRD report. The most recent complaints were regarding:
June 2023. “Allegations are as per arbitration claim.” The case is currently pending.
May 2023. “Allegations per arbitration filing.” The customer is seeking $4,000,000 in damages, and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, E1 Asset Management, Inc. may be liable for investment or other losses suffered by Ron Itin’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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