On July 17, 2023, FINRA issued an AWC (Acceptance, Waiver, and Consent), resulting in Spartan Capital broker Murat Kartal’s suspension from association with any FINRA (Financial Industry Regulatory Authority) member for 10 months. Kartal did not admit or deny the findings but consented to the sanctions. The findings revealed that Kartal engaged in unsuitable and excessive trading in a senior customer’s account, leading to a high turnover rate, a high annualized cost-to-equity ratio, and significant losses. Kartal’s trading generated total trading costs of $206,667, including $189,446 in commissions, and caused $51,959 in realized losses. Kartal had de facto control over the account as the customer routinely followed his high-frequency trading recommendations, which were deemed excessive and unsuitable considering the customer’s age and investment profile. The suspension is effective from July 17, 2023, through May 16, 2024. (FINRA Case #2018056490306)
If you lost money because of Kartal’s investment recommendations, please contact Banks Law Office.