Ex-Cadaret Broker Ordered to Pay $1.46 Million to Investor
A former Cadaret, Grant broker is on the hook for more than $1.4 million for failing to appear in front of a Finra arbitration panel, according to news reports.
In a claim filed in April 2018 against Cadaret and its former broker Steven Pagartanis, Janet Zagaro alleged misrepresentation, failure to supervise and breach of fiduciary duty, InvestmentNews writes.
Cadaret denied her allegations, and Zagaro removed the firm from her claims in February, according to the publication.
Zagaro sought $2.7 million in damages, and at the end of June the arbitration panel awarded her compensatory damages of $1.462 million, InvestmentNews writes.
Last December, Pagartanis pleaded guilty in a New York court to running a multi-million Ponzi scheme, according to the publication.
He had worked at 14 firms over the course of his 28-year career in the financial services industry and racked up 17 disciplinary disclosures, InvestmentNews writes, citing BrokerCheck.
The publication wasn’t able to reach Zagaro’s lawyer, and a lawyer for Cadaret declined comment to InvestmentNews.