Murat Kartal, formerly of Spartan Capital, is alleged to have engaged in churning of senior and unsophisticated client accounts. If you were a Kartal client and believe he handled your account inappropriately, please contact us for a free and confidential initial consultation.
Financial Advisors like Kartal are required to follow the rules of the Financial Industry Regulatory Authority (FINRA). FINRA rules state that “an associated person (such as a financial advisor) must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.”
The purpose of this rule is so that financial advisors do not place their own interests ahead of their client’s. That is what happens when an advisor makes excessive trades. The cost of such trades eliminates the possibility that the trades serve the objectives of the investor because the cost of the trading hinders the ability of the account to be profitable for the investor. Excessive trading generates a better profit for the advisor than the investor.
Kartal’s record reveals he first became registered with a member firm as a General Securities Representative in April 2015. He then became registered as a representative with Spartan Capital Securities from February 2017 to December 2022. On December 22, 2022, Spartan Capital filed a Uniform Termination Notice for Securities Industry Registration terminating Kartal’s employment with the firm. Although Kartal is no longer registered or associated with a FINRA member firm, he remains subject to FINRA’s jurisdiction as does his former employer for inappropriate supervision.
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