Former Madison Avenue Securities, LLC Broker Mark Elafros Accused of Unsuitable Investment Recommendations

Madison Avenue Securities, LLC

Were you the victim of former Madison Avenue Securities, LLC broker Mark Elafros (CRD# 2337393) regarding unsuitable investment recommendations? Mark Elafros has been registered with Charles Schwab & Co., Inc. in Chicago, Illinois since May 2021. Previously, Mark Elafros was registered with Brookstone Capital Management LLC in Skokie, Illinois from 2020 to 2021, with American Trust Investment Services Advisory in Northbrook, Illinois from 2018 to 2019, and with Ausdal Financial Partners, Inc. in Northbrook, Illinois from 2016 to 2018. Prior to that, Mark Elafros was registered with Madison Avenue Securities, LLC in Northbrook, Illinois from 2013 to 2016.

Mark Elafros Customer Complaints

Mark Elafros has been the subject of two customer complaints between 2017 and 2021, according to his CRD report:

  • May 2021. “Unsuitable Investments.” The case is currently pending. The complaint was regarding unit investment trusts (UITs) and private placements and took place while Mark Elafros was registered with Madison Avenue Securities, LLC.
  • June 2017. “Alleged activity occurred prior to Mr. Elafros joining Ausdal Financial Partners. However, the customer subsequently transferred her accounts to Ausdal. Customer alleges securities fraud, misrepresentation, tax losses and breach of fiduciary duty based on the conduct of former Madison Avenue Securities brokers Neal Bernover, David Geake, and Mark Elafros. Alleged activity occurred in or around June 2015.” The customer sought $41,984 in damages and the case was settled for $40,000. The complaint was regarding fixed annuities, real estate securities, and business development companies (BDCs) and took place while Mark Elafros was registered with Madison Avenue Securities, LLC.

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, FIRM may be liable for investment or other losses suffered by Mark Elafros’ 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.