Erez Law is currently investigating Hilltop Securities Inc. financial advisor Mark Augusta (CRD# 1333913) regarding unsuitable and unauthorized trades. Augusta has been registered with Hilltop Securities Inc. in Del Mar, California since 2015. Augusta was previously registered with Wedbush Securities Inc. in Solana Beach, California from 2011 to 2015, but was terminated regarding, “registered representative resigned as a customer complaint was filed against him.”
Augusta has been the subject of 19 customer complaints between 2000 and 2019, according to his CRD report. Recent customer complaints are regarding:
- February 2019. “The claimant alleges that unauthorized and unsuitable investments were made by the financial advisor in June 2014.” The customer is seeking $398,832 in damages and the case is currently pending.
- August 2018. “Unsuitable investments, breach of fiduciary duty, misrepresentations/omissions, negligence and violations of California securities laws.” The customer is seeking $97,774 in damages and the case is currently pending.
- July 2018. “Claimants allege employing firms failed to supervise representative, misrepresentation by omission with respect to the disclosure of representative’s regulatory and disciplinary history, unsuitable recommendations, and financial abuse of an elder.” The customer is seeking $375,000 in damages and the case is currently pending.
- March 2018. “Breach of Fiduciary Duty, Constructive Fraud, Fraud by Material Misrepresentations/Omissions, Breach of Written Contract, Elder Financial Abuse. The specific dates of the allegations are currently unknown.” The customer sought $150,000 in damages and the case was settled for $73,900.
- October 2016. “Customer alleges poor recommendation with respect to the purchase of a swap rate linked certificate of deposit. Correspondence was subsequently received on June 9, 2017 with an additional suitability claim against Hilltop Securities Inc. specific to a hold recommendation alleged by the claimant.” The customer sought $33,648 in damages and the case was settled for $25,000.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Hilltop Securities Inc. may be liable for investment or other losses suffered by Augusta’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.