A New Jersey resident has taken legal action against a major financial institution, alleging misconduct in handling his securities. Urim Kazagiqi filed a complaint on December 1, 2025, in the United States District Court for the District of New Jersey against J.P. Morgan Securities LLC, accusing them of wrongful retention and failure to deliver his securities during an ACATS transfer.
The case centers around Kazagiqi’s claim that J.P. Morgan Securities LLC wrongfully retained his 82,000 shares of YYAI stock, which were frozen and inaccessible during a period of extreme market volatility when the stock price spiked over 200%. Despite multiple attempts to resolve the issue through secure messages and phone calls, Kazagiqi alleges that the defendant ignored requests for assistance and documentation. It was only after a formal notice from the Consumer Financial Protection Bureau (CFPB) that the shares were transferred out of J.P. Morgan’s control. The plaintiff suggests that this delay may have been a strategic decision by J.P. Morgan to manage its own risk exposure.
Kazagiqi accuses J.P. Morgan Securities LLC of custodial failures, system malfunctions, and operational negligence, claiming these issues are not related to trading activity but rather involve wrongful retention of property. He argues that these actions violate federal and industry rules regarding custody and recordkeeping. The plaintiff seeks compensatory damages exceeding $250,000 for financial harm suffered due to his inability to access or liquidate his shares during significant market movements.
Representing himself pro se, Urim Kazagiqi demands full judicial discovery into J.P. Morgan’s internal communications and records related to the incident. He also requests punitive damages if evidence shows intentional delay in releasing his shares due to market conditions or regulatory involvement. The case is being heard by Judge Julien Xavier Neals under Case ID 2:25-cv-18218-JXN.
Source: 225cv18218_Kazagiqi_v_JP_Morgan_Securities_LLC_Complaint_District_New_Jersey.pdf
