FINRA Bars Broker Jay Chitnis

Jay Chitnis barred by FINRA

Jay Chitnis barred by FINRA

In November, 2016, the Financial Industry Regulatory Authority (“FINRA”) announced that Jay Chitnis of Atlanta, Georgia, a registered representative formerly with Yieldquest Securities and IFS Securities submitted an acceptance, waiver and consent letter whereby he was barred from association with any FINRA member  in any capacity. The FINRA complaint asserted that Jay Chitnis participated in a series of fraudulent municipal bond transactions that resulted in him and his firm receiving nearly seven hundred thousand dollars.  FINRA found that Chitnis oversaw a fictitious trading scheme that involved making numerous unauthorized transactions in his customer accounts, which resulted in the clearing firm improperly crediting the firm hundreds of thousands of dollars, which have never been returned.

Registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Jay Chitnis was registered with:

IFS Securities: October, 2015 through March, 2016
Yieldquest Securities: August, 2005 through December, 2015

According to FINRA’s CRD disclosure report, Jay Chitnis has been the subject of one customer complaint and one regulatory investigation.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery.  For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions.  During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies.  The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.

When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues.  Typical claims that we are asked to review  involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.

If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.