Our firm is investigating Spartan Capital Securities, LLC stockbroker Travis Justin Lippmann (CRD# 5908823) of New York, New York for potential investment-related misconduct.
Stockbroker’s Career History
BrokerCheck reflects that Travis Justin Lippmann is currently registered with Spartan Capital Securities, LLC in New York, New York, where he has been registered since October 4, 2021. His prior registrations include Joseph Stone Capital, L.L.C. (April 2019 to November 2021), Primary Capital, LLC (September 2021 to October 2021), Newbridge Securities Corporation (March 2017 to April 2019), Maxim Group LLC (September 2016 to April 2017), Dawson James Securities, Inc. (July 2014 to September 2016), Coastal Equities, Inc. (April 2014 to August 2014), John Carris Investments LLC (September 2013 to May 2014), Global Arena Capital Corp (May 2012 to September 2013), and National Securities Corporation (May 2011 to May 2012).
Travis Justin Lippmann Fraud Allegations and Investor Complaints Explained
BrokerCheck shows seven customer-dispute disclosures for Lippmann, including two pending matters and five final matters. FINRA also notes in BrokerCheck that disclosure events can include contested, unresolved, withdrawn, denied, or settled allegations, and that settlements do not necessarily include an admission or finding of wrongdoing.
Pending FINRA Arbitration Alleging Breach of Fiduciary Duty, Negligence, Excessive Trading, and Failure to Supervise
One pending FINRA arbitration, Docket No. 25-02389, was served on November 3, 2025. According to the BrokerCheck disclosure, the allegations involve breach of fiduciary duty, negligence, excessive trading, and failure to supervise in connection with listed equities. The disclosure states damages were unspecified and notes that Lippmann was the broker of record for only one claimant.
Pending FINRA Arbitration Alleging Gross Mishandling and Unauthorized Reallocation
A second pending FINRA matter, Docket No. 25-01898, was filed on September 9, 2025 and reported as received on September 11, 2025. The allegation is described as gross mishandling and unauthorized reallocation of the claimant’s portfolio philosophy, with alleged damages of $607,052 involving listed equities.
2024 Spartan Capital Customer Dispute That Settled for $270,000
BrokerCheck also reports a settled FINRA arbitration, Docket No. 24-00474, filed on March 1, 2024 and received March 5, 2024, arising from activity at Spartan Capital Securities, LLC. The allegations included responsibility for securities law, SEC regulation, and industry-rule violations, along with failure to supervise, negligent supervision, and breach of fiduciary duty. The matter settled on March 6, 2025 for $270,000, with no individual contribution reported from Lippmann.
Joseph Stone Capital Complaint Alleging Unsuitable Trading
Another disclosure arose from an attorney letter received July 30, 2021 while Lippmann was associated with Joseph Stone Capital, LLC. That matter alleged unsuitable trading in Equity-OTC investments from February 2021 through May 2021 and claimed damages of $853,231.33. BrokerCheck states the matter later evolved into FINRA arbitration Docket No. 22-00255 and was settled on February 22, 2023 for $120,000, with an individual contribution of $20,000 by Lippmann.
2019 Multi-Firm Arbitration Alleging Unsuitable Investments, Misrepresentation, and Negligence
BrokerCheck further reflects a 2019 FINRA arbitration, Docket No. 19-03634, involving Dawson James Securities, Inc., Maxim Group LLC, and Newbridge Securities Corp. The allegations included breach of fiduciary duty, unsuitable investments, misrepresentation, and negligence, with alleged damages of $450,000. The same arbitration appears in multiple disclosure entries because it was reported by different firms and the broker. BrokerCheck shows reported settlements of $75,000, $90,000, and $55,000 across those entries, while Lippmann’s broker-reported entry reflected no individual contribution.
Withdrawn Arbitration Alleging Unsuitable Recommendations and Misrepresentations
A separate Dawson James matter, FINRA Docket No. 19-01974, alleged unsuitable recommendations and material misrepresentations beginning in or around February 2015 through December 2015, with alleged damages of $200,000. In the broker-reported version of that disclosure, claimant’s counsel also alleged violations of FINRA Rules 2111, 2020, 2210, 2010, and 3010. BrokerCheck reflects that the claims were withdrawn without prejudice and the matter was closed on April 8, 2021.
Denied Complaint Alleging Misrepresentations, Suitability Issues, and Failure to Follow Instructions
Finally, BrokerCheck reports a denied written complaint involving Dawson James and activity from August 2014 through July 2015. That complaint alleged misrepresentations, suitability issues, and failure to follow instructions, and sought approximately $34,000 plus 10 percent annual interest and $5,000 in attorney’s fees. BrokerCheck lists the matter as denied with a status date of May 26, 2017.
Disclosure Summary
- FINRA Docket No. 25-02389 – Alleged breach of fiduciary duty, negligence, excessive trading, and failure to supervise; pending.
- FINRA Docket No. 25-01898 – Alleged gross mishandling and unauthorized portfolio reallocation; pending; alleged damages $607,052.
- FINRA Docket No. 24-00474 – Alleged securities law and industry-rule violations, failure to supervise, negligent supervision, and breach of fiduciary duty; settled March 6, 2025 for $270,000.
- FINRA Docket No. 22-00255 – Alleged unsuitable trading during February 2021 to May 2021; settled February 22, 2023 for $120,000, with $20,000 individual contribution.
- FINRA Docket No. 19-03634 – Alleged breach of fiduciary duty, unsuitable investments, misrepresentation, and negligence; settled through multiple reported entries involving $75,000, $90,000, and $55,000 settlements.
- FINRA Docket No. 19-01974 – Alleged unsuitable recommendations, misrepresentations, and related rule violations; withdrawn and closed April 8, 2021.
- 2017 Dawson James written complaint – Alleged misrepresentations, suitability issues, and failure to follow instructions; denied May 26, 2017.
In light of these disclosures, investors who suffered losses after receiving recommendations from Travis Justin Lippmann may wish to evaluate whether unsuitable trading, excessive trading, misrepresentations, poor supervision, or unauthorized account activity played a role in their losses. To obtain a copy of Travis Justin Lippmann’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 and Unsuitable Recommendations
FINRA Rule 2111 is the suitability rule. It requires a broker to have a reasonable basis to believe a recommended transaction or investment strategy is suitable for at least some investors, suitable for the particular customer based on that customer’s investment profile, and not excessive when viewed as a series of transactions. In the Lippmann disclosures, allegations of unsuitable trading, unsuitable investments, and excessive trading fall squarely within the kind of conduct Rule 2111 is designed to address.
FINRA Rule 2020 and Alleged Misrepresentations or Deceptive Conduct
FINRA Rule 2020 prohibits effecting transactions in, or inducing the purchase or sale of securities by means of, manipulative, deceptive, or other fraudulent devices. Where investors allege that a broker made material misrepresentations or omissions, steered them into unsuitable positions through misleading statements, or engaged in deceptive account handling, Rule 2020 is often implicated. One of the Dawson James disclosures specifically referenced alleged violations of Rule 2020 in connection with material misrepresentations and omissions.
FINRA Rule 2210 and Communications With the Public
FINRA Rule 2210 governs communications with the public and requires, among other things, that retail communications be fair and balanced and not omit material facts necessary to make a communication not misleading. In the disclosed Dawson James matter, claimant’s counsel expressly cited Rule 2210. In context, that type of allegation usually concerns sales communications, presentations, or statements to customers that allegedly overstated benefits, understated risks, or otherwise failed to present investments in a fair and balanced manner.
The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.
