Cadaret Broker Ordered to Pay More Than $1 Million

Cadaret Broker Ordered to Pay More Than $1 Million

Financial Industry Regulatory Authority Inc. arbitrators awarded approximately $1.5 million to Janet Zagaro, an investor who filed a claim in April 2018 against Cadaret, Grant & Co., as well as its former broker and former ponzi scheme artist Steven Pagartanis, who did not appear at the arbitration hearings.

Former Cadaret Broker Ordered to pay $1.46M

Zagaro sought damages of $2.7 million alleging misrepresentation, failure to supervise, omission and breach of fiduciary duty. A FINRA panel of two found Mr. Pagartanis liable and awarded Ms. Zagaro compensatory damages in the amount of $1.462 million. In regards to Cadarent, Grant & Co., Zagaro removed the firm from her claims in February after it denied her allegations.

Broker Had Long History of Misconduct

According to his FINRA BrokerCheck report, Mr. Pagartanis worked for over 28 years in the financial services industry where he worked for 14 firms and amassed 17 disciplinary disclosures. He also plead guilty to running a multi-million-dollar Ponzi scheme last December. He is now barred from the industry. Currently, it is not certain whether or not Zagaro will be able to collect the awarded amount from Pagartanis.

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