Advisor Alert: Our Attorneys Are Investigating Steven Pagartanis For Investment Fraud

Chetan Patil on January 19, 2024

Did You Lose Money Because of Steven Pagartanis?

Filed: January 16, 2024

Steve Pagartanis currently has one (1) pending judgment/lien event. Overall, he has been the subject of three (3) regulatory events, one (1) civil event, fourteen (14) customer complaints, two (2) termination events, and one (1) judgment/lien event. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.

Let’s begin our Patil Law Advisor Alert with a summary report on Steven Pagartanis.

Who Is Steven Pagartanis?

  • Advisor Name: Steven Pagartanis
  • Aliases: Steve Pagartanis
  • CRD: 1958879
  • Location: Setauket, New York
  • Current Employer: No Longer Allowed to Practice in the Securities Industry
  • Previous Firms: Lombard Securities Incorporated, Cadaret Grant & Co Inc., and Woodbury Financial Services, Inc.
  • Number of Known Customer Complaints: 14
  • Number of Known Regulatory Events: 3
  • Number of Known Civil Events: 1
  • Number of Known Termination Events: 2
  • Number of Known Judgment/Lien Events: 1
  • Can Steven Pagartanis Be Sued: Yes, in Private Arbitration
  • Can Steven Pagartanis’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
  • Highest Damages Allegation: $3,700,000
  • Highest Settlement: $1,100,000

If you have suffered investment losses by Steven Pagartanis, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.

Customer Complaints Filed Against Steve Pagartanis For Broker Misconduct

As of this publication date, Steven Pagartanis has been the subject of 3 regulatory events, 14 customer disputes, 1 civil event, 2 termination events, and 1 judgment/lien event. Let’s review them below.

In October 2020, a FINRA arbitration was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging that Claimant (a) invested approximately $1,000,000 with registered representative between 2006 and 2008, (b) believed that she was investing in real estate, (c) received approximately $564,000 in distributions, and (d) alleges that her funds were misappropriated by Mr. Pagartanis for his personal use. On July 6, 2021, Mr. Pagartanis settled the claim for $150,000, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In October 2020, a FINRA arbitration was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging that beginning in 2000, Mr. Pagartanis solicited an investment in a builder on Long Island and that customer invested additional funds in subsequent years. The customer received monthly payments until 2018 when the customer learned that the broker had misappropriated the customer’s funds. Customer alleges the Firm failed to adequately supervise the broker. Per the customer, he/she lost over $5,000 because of Mr. Pagartanis’s actions. On July 23, 2021, Mr. Pagartanis settled the claim for $35,000, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In August 2020, United States Securities and Exchange Commission initiated a regulatory action against or in reference to Steven Pagartanis for pleading guilty for conspiracy to commit mail and wire fraud.

In September 2019, FINRA initiated a regulatory action against or in reference to Steven Pagartanis for failing to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

In August 2018, a FINRA arbitration was filed against or in reference to Steven Pagartanis by a customer of Lombard Securities Incorporated alleging that Mr. Pagartanis sold the customer an investment that was not approved by the firm(s) and used the proceeds for his personal benefit. Per the customer, he/she lost over $285,000 because of Mr. Pagartanis’s actions. On February 13, 2020, Mr. Pagartanis settled the claim for $87,500, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In June 2018, a complaint was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging sales of unsuitable investment away from the firm. Per the customer, he/she lost over $865,000 because of Mr. Pagartanis’s actions. On December 21, 2018, Mr. Pagartanis settled the claim for $150,000, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In May 2018, a civil event was initiated against or in reference to Steven Pagartanis.

In April 2018, FINRA initiated a regulatory action against or in reference to Steven Pagartanis for refusing to provide FINRA with on-the-record testimony in connection with its investigation of allegations that he made fraudulent misrepresentation to customers and misappropriated customers’ funds.

In April 2018, a FINRA arbitration was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging misrepresentation, omission, failure to supervise and breach of fiduciary duty. Per the customer, he/she lost over $2,712,000 because of Mr. Pagartanis’s actions. An arbitration panel found that Steven Pagartanis was negligent and awarded $1,462,000 in favor of the customers.

In April  2018, a complaint was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging recommended unsuitable investments. Per the customer, he/she lost over $3,700,000 because of Mr. Pagartanis’s actions. On December 18, 2018, Mr. Pagartanis settled the claim for $1,100,000, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In April 2018, a complaint was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging recommended unsuitable investments. Per the customer, he/she lost over $255,000 because of Mr. Pagartanis’s actions. On March 19, 2019, Mr. Pagartanis settled the claim for $103,500, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In March 2018, a complaint was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging that Mr. Pagartanis asked them to make checks payable and endorse other checks received to Genesis, a company that was not an approved investment by the firm. Per the customer, he/she lost over $239,770.99 because of Mr. Pagartanis’s actions. On December 31, 2018, Mr. Pagartanis settled the claim for $180,000, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In March 2018, a complaint was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging that Mr. Pagartanis asked the client to make checks payable to Genesis, a company that was not an approved investment by the firm. Per the customer, he/she lost over $185,800 because of Mr. Pagartanis’s actions. On December 31, 2018, Mr. Pagartanis settled the claim for $138,750, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In March 2018, a complaint was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging that Mr. Pagartanis asked the client to make checks payable to Genesis, a company that was not an approved investment by the firm. Per the customer, he/she lost over $75,000 because of Mr. Pagartanis’s actions. On December 31, 2018, Mr. Pagartanis settled the claim for $56,250, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In March 2018, a FINRA arbitration was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging that Mr. Pagartanis asked clients to make investments in a company that was not an approved investment by the firm. Genesis Land Development Corp. It is alleged that Genesis was controlled by Pagartanis. On May 14, 2019, Mr. Pagartanis settled the claim for $35,000, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In March 2018, Lombard Securities Incorporated terminated Steven Pagartanis for failing to respond to customer complaint questions and requests for information. The firm requested specific information on unapproved investments allegedly made outside of the firm by a customer and why the broker failed to notify the firm regarding such outside investments.

In February 2018, a complaint was filed against or in reference to Steven Pagartanis by a customer of Lombard Securities Incorporated alleging that Mr. Pagartanis asked the client to make checks payable and endorse other checks received to Genesis, a “company” that was an unapproved investment by the firm. Customers further stated that they received no statements or confirmations, or any other official documents regarding this investment. Per the customer, he/she lost over $230,000 because of Mr. Pagartanis’s actions. On February 13, 2019, Mr. Pagartanis settled the claim for $165,000, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In March 2017, a FINRA arbitration was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging negligence, suitability, misrepresentation and fraud relating to REIT investments not sold through the firm. Per the customer, he/she lost over $245,000 because of Mr. Pagartanis’s actions. On May 23, 2018, Mr. Pagartanis settled the claim for $97,000, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In March 2017, Cadaret Grant & Co Inc. terminated Steven Pagartanis after the firm received the arbitration, which contained an allegation of selling a private security unauthorized by the firm, a surprise examination of Pagartanis’ branch was planned. However, Pagartanis resigned the day before the examination was to be conducted. The examiners traveled to Pagartanis’ branch despite his resignation, but were not provided with the information and documents requested. The Statement of Claim alleges fraud, conversion and selling away among other allegations.

In October 2013, a FINRA arbitration was filed against or in reference to Steven Pagartanis by a customer of Cadaret Grant & Co Inc. alleging unsuitable and misrepresented investments due to an error in the clients 2008, 1035 exchange that omitted the 7% GMIB benefit. Per the customer, he/she lost over $88,000 because of Mr. Pagartanis’s actions. On October 19, 2015, Mr. Pagartanis settled the claim for $80,000, and some or all of this amount may have been paid by Mr. Pagartanis’s employer and/or insurance carrier.

In September 2008, Steven Pagartanis was the subject of a civil judgment or lien in the amount of $210,722.84. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.

How To File A Claim Against Steve Pagartanis (previously with Lombard Securities Incorporated, Cadaret Grant & Co Inc., and Woodbury Financial Services, Inc.) To Get Your Money Back

If you have questions about Steven Pagartanis, Lombard Securities Incorporated, Cadaret Grant & Co Inc., Woodbury Financial Services, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll free at 1-800-950-6553.