Pratul V. Agnihotri

Background Of Pratul V. Agnihotri(CRD No. 4031797)

Agnihotri first became registered with FINRA in October 1999 as a General Securities
Representative (GS) through an association with a former FINRA member firm. From
February 2010 through October 2017, Agnihotri was registered as a GS at Aegis Capital
Corp. (CRD No. 15007). He was then registered as a GS through Spartan Capital
Securities, LLC (CRD No. 146251) from October 2017 to January 2019. On January 30,
2019, Spartan filed a Uniform Termination Notice for Securities Industry Registration
disclosing that Agnihotri was terminated because he “did not disclose an outside business
activity.” Since July 2019, Agnihotri has been registered as a GS through another
FINRA member firm.

Did You Know?

LLC stands for limited liability company. LLC protects the businessmen and industrialists at the time of complete loss by removing the liability of debts from the owner of the firm. In simple terms, according to LLC the owner is not responsible for financial losses and the debts are deposited by the firm and not the private funds of the owner.

Respondent does not have any disciplinary history with the Securities and Exchange
Commission, any state securities regulators, FINRA, or any other self-regulatory

Activity(s) Reported – Pratul V. Agnihotri

Agnihotri Engaged in an Undisclosed Outside Business Activity

FINRA Rule 3270 provides, in relevant part: “[n]o registered person may be an
employee, independent contractor, sole proprietor, officer, director or partner of another
person, or be compensated, or have the reasonable expectation of compensation, from
any other person as a result of any business activity outside the scope of the relationship
with his or her member firm, unless he or she has provided prior written notice to the
member, in such form as specified by the member.” A violation of FINRA Rule 3270 is
also a violation of FINRA Rule 2010, which requires that, a member and its associated
persons, in the conduct of their business, “shall observe high standards of commercial
honor and just and equitable principles of trade.”

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In February 2015, while associated with Aegis, Agnihotri formed Exergizer, and became
its CEO. Aegis’s written supervisory procedures required employees to disclose outside
business activities to the firm, in writing, including, but not limited to, activities where
the employee serves as “an officer, director, or partner.” From February 2015 through
October 2017, when he left Aegis, Agnihotri never provided written notice of his
involvement in or status as CEO of Exergizer to Aegis. Additionally, on Aegis’s annual
compliance attestations for 2015 and 2016, Agnihotri falsely replied “no” to the question
of whether he maintained any OBAs.

Spartan’s written supervisory procedures similarly required employees to disclose outside
business activities to the firm, in writing, including, but not limited to, activities where
the employee serves as “an officer, director, or partner.” Spartan permitted new
employees to continue their existing OBAs only upon receipt of prior written approval
from the firm. From the time he first associated with Spartan in October 2017 until his
termination in January 2019, Agnihotri did not provide any written notice of his
involvement in Exergizer to Spartan.

By virtue of the foregoing, Agnihotri violated FINRA Rules 3270 and 2010.

Agnihotri Improperly Used a Customer’s Funds

FINRA Rule 2150(a) prohibits a member or person associated with a member from making “improper use of a customer’s securities or funds.” Improper use occurs when an
associated person fails to use a customer’s funds as the customer directed. A violation of
FINRA Rule 2150 is also a violation of FINRA Rule 2010.

In April 2018, Agnihotri received an $8,000 check from Spartan customer RG to be used
for Exergizer. Although Agnihotri did not provide RG with any written documentation
indicating how RG’s funds were to be used, Agnihotri and RG both understood that the
funds would be used for Exergizer-related business expenses. The scope of the business
expenses or the specific expenses for which the funds would be used, however, were not
delineated. Agnihotri deposited RG’s check into the Exergizer bank account, which
Agnihotri controlled. Agnihotri used approximately $919 of this amount to pay expenses
that he characterized as related to Exergizer’s business, but RG disagreed with that
characterization. Agnihotri later repaid RG the entire $8,000.

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By virtue of the foregoing, Agnihotri violated FINRA Rules 2150 and 2010.

Penalties And Sanctions

A 12-month suspension from association with any FINRA member firm in all capacities; and A fine of $7,500.

Respondent agrees to pay the monetary sanctions upon notice that this AWC has been
accepted and that such payments are due and payable. Respondent has submitted an
Election of Payment form showing the method by which he proposes to pay the fine

Respondent specifically and voluntarily waives any right to claim an inability to pay, now
or at any time hereafter, the monetary sanctions imposed in this matter.

Respondent understands that if he is barred or suspended from associating with any
FINRA member, he becomes subject to a statutory disqualification as that term is defined
in Article III, Section 4 of FINRA’s By-Laws, incorporating Section 3(a)(39) of the
Securities Exchange Act of 1934. Accordingly, he may not be associated with any
FINRA member in any capacity, including clerical or ministerial functions, during the
period of the bar or suspension. See FINRA Rules 8310 and 8311.

Recent Illegal Activity(s)Of The Individual/Firm

Between February 2015 and January 2019, Agnihotri formed and became the Chief
Executive Officer of Exergizer Corporation, a company that purportedly sold an exercise
apparatus. Agnihotri engaged in this outside business activity (“OBA”) without
providing prior written notice to either of the member firms—Aegis and Spartan—with
which he was associated during that period. In April 2018, Agnihtori also improperly
used funds received from a firm customer intended to be used for purposes related to

How To Spot A Fraud Finance Advisor (Infographic)

How To Spot A Fraud Finance Advisor (Infographic) Like Pratul V. Agnihotri
How To Spot A Fraud Finance Advisor (Infographic)

Help For Victims Of Pratul V. Agnihotri

If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from Pratul V. Agnihotri. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.

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Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.

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Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.

2.5 Total Score
Not Recommended!

Pratul V. Agnihotri has been involved in fraudulent activities and is an unsafe professional entity. We strongly recommend you avoid any association with such a shady figure.

Honesty & Transparency
Fees & Commission
  • Shady Activity
  • Swindling Activity Reported By Clients
  • Under Govt. Organization's Radar
  • High Risk of Fraud
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