Options for Clients of Former Legend Securities, Inc. Broker Nicholas Schiano

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There are options for clients of former Legend Securities, Inc. broker Nicholas Schiano (CRD# 4429212) who suffered investment losses due to unsuitable investment recommendations. Nicholas Schiano has been registered with Spartan Capital Securities, LLC in New York, New York since 2017. Previously, Nicholas Schiano was registered with Worden Capital Management LLC in New York, New York from 2016 to 2017.

Nicholas Schiano Customer Complaints

Nicholas Schiano has been the subject of seven customer complaints between 2017 and 2021, according to his CRD report:

December 2021. “Time Frame: February 2013 through to Present. Alleged Allegations: Churning, Unsuitability, Breach of Fiduciary Contract, Misrepresentation, Unauthorized Trading, Failure to Supervise.” The customer is seeking $350,343.10 in damages. The complaint took place while Nicholas Schiano was registered with Spartan Capital Management and was regarding common and preferred stocks and private placements. 

May 2021. “Time Frame: beginning 2014. Alleged Allegations: Unsuitable Investments, excessive commissions and churning.” The customer sought $62,961.03 in damages and the case was settled for $5,000. The complaint was regarding equity OTC and common and preferred stocks and took place while Nicholas Schiano was registered with Worden Capital Management LLC.

December 2020. “Churning and Qualitative and Quantitative Unsuitability; Alleged Allegations: Breach of Fiduciary Duty; Breach of Contract; Negligent Misrepresentation and Omissions. Activity was between November 2016 through August 2017.” The customer is seeking $414,744 in damages and the case is currently pending. The complaint took place while Nicholas Schiano was registered with Legend Securities, Inc. and was regarding equity OTC and common and preferred stocks. 

May 2020. “Allegations of Unsuitability, Over concentration, Excessive Trading.” The customer sought $46,295 in damages and the case was settled for $7,499.99. The complaint took place while Schiano was registered with Legend Securities, Inc. 

January 2020. “Time Frame: No time frame mentioned/associated with individual claimant in Statement of Claim (SOC). Allegations: Alleging misrepresentation and unsuitable recommendations.” The customer is seeking $241,727 in damages and the case is currently pending. The complaint took place while Nicholas Schiano was registered with Spartan Capital Management.

April 2019. “Allegations of misrepresentation, negligence, breach of fiduciary duty.” The customer sought $208,000 in damages and the case was settled for $32,500. The complaint took place while Schiano was registered with Legend Securities, Inc. and was regarding common and preferred stocks. 

August 2017. “Unsuitable Transactions.” The customer sought $128,541 in damages and the case was settled for $35,000. The complaint took place while Schiano was registered with Legend Securities, Inc. and was regarding equity OTC and common and preferred stocks. 

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, Legend Securities, Inc. may be liable for investment or other losses suffered by Nicholas Schiano’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.