On May 11, 2018, FINRA announced that it barred former securities broker Emil J. Skyba from associating with firms registered with FINRA. FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms.
In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Skyba because he declined to provide requested information during FINRA’s investigation. FINRA reported it was investigating Skyba for “potential alteration of new account forms.”
According to FINRA records, customers of Skyba’s previously complained about his conduct. Two FINRA arbitration claims alleged Skyba caused customers’ losses by making unsuitable investment recommendations. Another claim was filed that alleged Skyba caused losses through misrepresentations and excessive margin trading. The most recent claim was filed in November 2017. All three claims were settled, resulting in customers obtaining partial recoveries of claimed losses.
Emil J. Skyba entered the securities industry in 1972. He was registered as a General Securities Representative and Investment Adviser Representative with UBS Financial Services Inc. from April 2006 through December 2014 and Westpoint Capital Markets from February 2015 through September 2017.
Options to Recovery Losses
Rules require brokers to recommend only suitable investment products and strategies to their customers. This requires brokers to know their customers and to perform due diligence of the securities that they recommend them. Suitability is based on factors such as a customer’s age, investment objective, risk tolerance, investment experience, financial status and needs, and an investment’s features and risks.
Moreover, brokerage firms have a duty to supervise their brokers to ensure they do not commit misconduct such as altering forms or recommend unsuitable investment products or strategies. Customers may file claims against brokerage firms to pursue losses caused by their brokers’ misconduct.
If you suffered losses while investing with Emil J. Skyba, contact Marquardt Law Office LLC to speak with a securities attorney and receive a free case evaluation. You may be able to recover your losses.
Marquardt Law Office LLC is a securities law firm located in Chicago, IL that represents clients nationwide who have suffered losses due to misconduct such as fraud and negligence.