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SEC fines Aegis Capital $2.3M for unsuitable recommendations of structured products

The SEC charges Aegis Capital, former Aegis Managing Director Alan Appelbaum, and former Aegis registered representative Paul Gallivan.

The trading in these accounts caused the customers to incur more than $2.9 million in trading costs.

Steven Robert Luftschein, while associated with Aegis Capital, churned and excessively traded the accounts of several customers.