Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 29, 2017 indicate that Illinois-based Great Point Capital broker Larry Kajmowicz has been sanctioned by FINRA. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Kajmowicz (CRD# 4637591).
Larry Kajmowicz has spent fourteen years in the securities industry and has been registered with Great Point Capital in Chicago, Illinois since 2003. He has no previous registrations. He has passed three securities industry examinations: Series 63 (TKTK); Series 55 (TKTK); and Series 7 (TKTK). He is currently not registered with any US state.
According to his BrokerCheck report, Larry Kajmowicz has been sanctioned by FINRA.
In January 2017 FINRA sanctioned him following allegations he “utilized information from the initial Nasdaq Order Imbalance Indicator (NOII) message to identify the three securities in the Nasdaq Opening Book that exhibited large buy-side imbalances relative to the average daily trading volume of the securities, indicating a potential lack of liquidity to fill buy orders.” FINRA’s findings stated further: “For each security, Kajmowicz entered a series of imbalance only (IO) orders to sell the securities in the Opening Book to be executed at the Nasdaq Opening Cross. After entering the IO sell orders for these securities, Kajmowicz generally waited until the final dissemination of NOII information at or about 09:29:55 a.m., and shortly before the Opening Cross, to place orders to purchase the same security in the Nasdaq Continuous Book by entering a series of progressively higher-priced buy orders that were often priced at or above the Nasdaq inside offer. The aggressively-priced buy orders, which resulted in progressively higher priced purchases on Nasdaq, particularly for two of the securities where buy orders were entered after the final NOII message at 9:29:55 a.m., rendered the Opening Cross more opaque to other potential participants. The series of progressively higher-priced purchase transactions in the Continuous Book by Kajmowicz unduly contributed to an increase in the price of the security in the Continuous Book as well as the price of the Opening Cross for the security.” FINRA concluded that these activities ultimately “contributed to Kajmowicz obtaining advantageous pricing on his IO sell orders, which executed at the higher resulting Nasdaq Opening Cross price,” constituting a violation of Nasdaq Rule 2110. He was ordered to pay a fine of $33,000 and disgorgement of $14,544, and was issued a 60-day suspension from associating with any Nasdaq member in any capacity.
If you or someone you know has lost money investing with Larry Kajmowicz, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.