Our firm is investigating PHX Financial broker Aramis J. Guerin (CRD# 6868992) of New York, New York for potential investment-related misconduct.
Stockbroker’s Career History
According to FINRA BrokerCheck, Aramis J. Guerin has been registered as a General Securities Representative with PHX Financial, Inc. (CRD# 144403), headquartered at 100 Wall Street, 10th Floor, New York, NY 10005, since September 6, 2022.
Before joining PHX Financial, Mr. Guerin was registered with several other broker-dealers, including:
- SW Financial (CRD# 145012) in New York, NY, from December 2019 to August 2022.
- Worden Capital Management LLC (CRD# 148366) in New York, NY, from October 2019 to December 2019.
- National Securities Corporation (CRD# 7569) in Jersey City, NJ and Iselin, NJ, during two separate stints from December 2017 to August 2018 and from November 2018 to February 2019.
His employment history also reflects non-investment-related positions, including work as a jet broker at Jets.com and as a student at Borough of Manhattan Community College, prior to entering the securities industry.
Aramis J. Guerin Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck discloses one customer dispute involving Mr. Guerin that resulted in a substantial arbitration award against his former member firm and a reported settlement amount allocated to the portion of the claim associated with him.
In a FINRA arbitration proceeding (Case No. 22-02586), customers brought claims related to securities trading in accounts serviced while Mr. Guerin was associated with SW Financial. The statement of claim asserted causes of action including unsuitability, breach of fiduciary duty, breach of contract, negligence, unjust enrichment, strict liability, failure to supervise, and sales practice violations involving unspecified securities and equity products. The customers initially alleged approximately $10,900,000 in damages.
On August 23, 2024, a FINRA arbitration panel issued a final award in favor of the claimants, holding SW Financial liable for:
- $10,364,625.35 in compensatory damages (including trading losses, commissions, and expenses), plus interest.
- $3,109,387.61 in punitive damages.
- $800 in costs representing the non-refundable portion of the filing fee.
While Mr. Guerin was identified as a subject of the complaint, the award was entered against the firm. Subsequent firm and broker-level reporting to BrokerCheck describes related allegations of unsuitability, churning and excessive trading, unauthorized trading, and negligence in OTC and listed equity securities, with an approximate claim amount of $115,011 attributed to Mr. Guerin’s portion of the dispute. That portion of the matter is reported as settled for $145,538.49, with the BrokerCheck report stating that Mr. Guerin did not personally contribute to the settlement and denies any wrongdoing.
For clarity, the disclosures on Mr. Guerin’s record can be summarized as follows:
- Customer Dispute – FINRA Arbitration Award (Regulator-reporting version)
- Forum / Case No.: FINRA Arbitration, Case No. 22-02586.
- Allegations: Unsuitability, breach of fiduciary duty, breach of contract, negligence, unjust enrichment, strict liability, and failure to supervise in connection with unspecified securities.
- Alleged damages: $10,900,000.
- Disposition: Final award issued August 23, 2024, granting more than $10.36 million in compensatory damages, over $3.1 million in punitive damages, plus costs, against SW Financial.
- Customer Complaint / Arbitration – Firm-reporting version
- Employing firm when activities occurred: SW Financial.
- Allegations: Unsuitability, excessive trading/commissions, unauthorized trading, and negligence relating to OTC and listed equities.
- Alleged damages: Approximately $115,011, with multiple customers and representatives involved.
- Status (firm version): Initially reported as pending in FINRA arbitration (Case No. 22-02586) following a complaint received March 3, 2023.
- Customer Complaint / Arbitration – Broker-reporting version
- Allegations: Unsuitability, excessive trading/commissions, unauthorized trading, and negligence involving common and preferred stock.
- Alleged damages: Approximately $115,011.
- Disposition: Reported as settled effective August 23, 2024, with a settlement amount of $145,538.49 and a reported individual contribution of $0.
- Broker statement: Mr. Guerin reportedly notes he was not named as a respondent in the arbitration, denies all allegations, and states he did not contribute financially to the award or settlement.
These disclosures suggest that customers accused Mr. Guerin and his former firm of engaging in churning and excessive trading to generate commissions, unauthorized trading in non-discretionary accounts, and broader sales practice violations that allegedly caused significant losses.
To better understand whether similar issues such as unauthorized trading or stockbroker fraud may have affected your portfolio, it is important to review account statements, trading frequency, and the suitability of recommendations in light of your investment objectives and risk tolerance.
To obtain a copy of Aramis J. Guerin’s FINRA BrokerCheck report, visit this link
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) requires that a broker have a reasonable basis to believe that each investment recommendation is suitable for the customer, based on information about the customer’s financial situation, investment objectives, risk tolerance, and other profile factors. The rule also includes quantitative suitability, which addresses whether the overall pattern of transactions in an account—such as repeated buying and selling that increases commissions—can be justified in light of the customer’s circumstances. When customers allege unsuitability and excessive trading in connection with equity transactions, as they did in the arbitration involving Mr. Guerin’s activities at SW Financial, they are effectively claiming that the broker and firm violated the core suitability obligations codified in FINRA Rule 2111.
The unauthorized and allegedly excessive trading described in the complaints also raises issues under FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Even when there is no specific rule on point for every type of misconduct, Rule 2010 functions as a broad ethical standard: a broker who engages in unauthorized trading, excessive commissions, or deceptive practices can be found to have violated Rule 2010 by failing to treat customers fairly and honestly. In the context of the case against SW Financial, allegations that Mr. Guerin and others executed trades without proper authorization, generated unnecessary commissions, and ignored customers’ best interests are the type of conduct regulators and arbitrators often analyze under FINRA Rule 2010.
The claims of failure to supervise in the arbitration also implicate FINRA Rule 3110 (Supervision). Rule 3110 requires every FINRA member firm to establish and maintain a supervisory system, including written procedures, that is reasonably designed to ensure compliance with securities laws and FINRA rules. This includes monitoring brokers’ trading activity, reviewing accounts for signs of churning or unauthorized trading, and promptly responding to red flags. If a firm like SW Financial failed to detect or prevent the kind of excessive and unauthorized trading alleged in this case, regulators or arbitrators may conclude that the firm violated its supervisory obligations under FINRA Rule 3110. In addition, to the extent that any of the alleged trades relied on discretionary authority, FINRA Rule 3260 imposes additional requirements by prohibiting the exercise of discretionary power in a customer’s account without prior written authorization from the customer and firm approval, meaning that discretionary trading without those safeguards may violate Rule 3260 as well as Rule 3110 and Rule 2010.
Taken together, these rules illustrate how a single course of conduct—such as alleged unsuitable recommendations, high-frequency trading that inflates fees, and trades made without clear customer approval—can simultaneously raise suitability, ethical, and supervisory issues under the FINRA regulatory framework. Investors who suspect similar misconduct in their own accounts should consider consulting counsel experienced in applying and litigating these rules.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.