Bulletin 3211 - September 5, 2025

The Department of Banking News Bulletin

Bulletin # 3211 - Week Ending September 5, 2025

This Bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Aegis Capital Corp. (CRD No. 15007)

On September 3, 2025, the Banking Commissioner entered a Consent Order (No. CO-25-202512-S) with respect to Aegis Capital Corp., a Connecticut-registered broker-dealer located at 1345 Avenue of the Americas, 27th Floor, New York, New York 10105.

The Consent Order alleged that 1) one of the firm's non-registered sales assistants received compensation derived form a percentage of commissions earned from brokerage activity; 2) one of the firm's agents failed to disclose outside business activity on his Form U-4; and 3) the firm did not maintain or send concentration letters for several clients, as required by its supervisory procedures. A concentration letter puts the client on notice of risk arising from a lack of diversification such as investing only in a particular industry or security.

More specifically, the Consent Order alleged that the firm engaged in dishonest or unethical business practices within the meaning of Section 36b-31-15a(b) of the Regulations under the Connecticut Uniform Securities Act by compensating an unregistered sales assistant with a percentage commission based revenue; and that it failed to establish, enforce and maintain a system for supervising the activities of its agents that was reasonably designed to achieve compliance with applicable securities laws and regulations.

The unregistered sales assistant ultimately became registered as a broker-dealer agent under the Act. In addition, appropriate Form U-4 disclosures were later made by the affected representative.

The Consent Order fined the firm $20,000 and directed it to cease and desist from regulatory violations.

Dated: Tuesday, September 9, 2025

Jorge L. Perez
Banking Commissioner