Former National Securities Corporation Broker James Mariani Investment Losses

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National Securities Corp. logoNational Securities Corp. logoWere you the victim of former National Securities Corporation broker James Mariani (CRD# 2932631) who is accused of unsuitable investment recommendations? He was registered with Aegis Capital Corp. in Bayside, New York from 2017 to 2021. Previously, he was registered with National Securities Corporation in Mineola, New York from 2007 to 2017.

In May 2005, NASD suspended and fined him $15,000, regarding his participation in mutual fund switching in a customers account. According to his CRD, “He effectuated purchases and sales of mutual funds. He recommended and effected securities transactions on margin in the account of a customer. He did not have reasonable grounds for believing that these transactions were suitable for the customer based on her financial situation, investment objectives and needs.”

James Mariani Customer Complaints 

He has been the subject of 13 customer complaints between 2002 and 2021, one of which was denied and one was closed without action, according to his CRD report. The most recent complaints are regarding: 

March 2022. “Time frame: 2017 to present. Claimants allege unsuitable, excessive and unauthorized trading; breach of fiduciary duty; negligence; misrepresentation and omissions of material facts.” The customer is seeking $95,000 in damages. The complaint was regarding common and preferred stocks and it took place while he was registered with Aegis Capital Corp.

November 2021. “Attorney for the client alleges unsuitable recommendations.” The customer is seeking $291,100. The complaint was regarding real estate securities and took place while he was registered with National Securities Corporation.

October 2021. “Attorney for the customer claims unsuitable recommendations.” The customer is seeking $600,000 in damages. The complaint was regarding real estate securities and took place while he was registered with National Securities Corporation.

October 2021. “Son of deceased client upset the REIT is illiquid.” The case is currently pending. The complaint was regarding real estate securities and took place while he was registered with National Securities Corporation.

September 2021. “Attorney for clients claims investment strategy was not suitable.” The customer is seeking $500,000 in damages. The complaint was regarding real estate securities and private placements (e.g. PIPES), and took place while he was registered with National Securities Corporation.

July 2021. “Suitability.” The case is currently pending. The complaint was regarding private placements and took place while he was registered with National Securities Corporation.

December 2018. “Time frame: unspecified. Suitability and breach of fiduciary duty.” The customer sought $467,000 and it was settled for $67,500. This complaint is regarding real estate securities. 

April 2018. “Unsuitability, breach of fiduciary duty, negligence.” The customer sought $432,020.69 in damages and the case was settled for $135,000. This case was regarding an alternative investment. 

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, National Securities Corporation may be liable for investment or other losses suffered by James Mariani’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.

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Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form below for a free consultation.

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