Did National Securities Corporation Broker Craig Bonn Churn Your Investment Account?
Posted on Friday, September 6th, 2019 at 9:53 am
National Securities Corporation broker Craig Bonn (CRD# 2280460) is accused of unsuitability and excessive trading (churning). Bonn has been registered with National Securities Corporation in New York, New York since 2016.
Churning is when a broker conducts excessive trading in a client’s account, mainly to generate commissions. Churning is an unethical and illegal practice that involves the frequent buying and selling of securities that does little to meet the client’s investment objectives.
Bonn has been the subject of three customer complaints between 2004 and 2018, one of which was withdrawn, according to his CRD report:
August 2018. “Client alleges unsuitability and excessive trading from 2008 to 2016.” The customer is seeking $228,128.47 in damages and the case is currently pending. This case was regarding equity OTC and common and preferred stocks.
January 2014. “The client alleges the representative made unsuitable recommendations from 2006 to 2012.” The customer sought $800,000 in damages and the case was settled for $325,000. This case was regarding direct investments 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, National Securities Corporation may be liable for investment or other losses suffered by Bonn’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.