Former Portfolio Advisors Alliance, LLC Broker Craig Siegel Losses
Posted on Tuesday, October 1st, 2019 at 2:11 pm
Erez Law is currently investigating former Portfolio Advisors Alliance, LLC broker Craig Siegel (CRD# 5759415) regarding investment losses due to unsuitable investment recommendations, excessive trading, and churnings. Siegel has been registered with Portfolio Advisors Alliance, LLC in New York, New York from 2013 to 2018. Previously, Siegel was registered with John Thomas Financial in New York, New York from 2010 to 2013.
In May 2019, FINRA suspended Siegel for two months after he failed to respond to FINRA request for information.
Siegel has been the subject of four customer complaints between 2016 and 2018, according to his CRD report:
October 2018. “Unsuitable investment recommendations, Breach of regulatory requirements, Breach of fiduciary duty, Breach of contract, Negligence and gross negligence and Churning from the period of July 2013 to August 2017.” The case is currently pending. This case is regarding equity OTC and common and preferred stocks.
April 2018. “Claimant alleges excessive trading, churning, unsuitable transactions, failure to supervise, respondeat superior. Events occurring during the period of July 2013 through December 2016.” The customer is seeking $99,300.56 in damages and the case is currently pending. This case is regarding equity OTC and common and preferred stocks.
August 2016. “Claimant alleges unsuitable recommendations, unsuitable concentration, breach of fiduciary duty, breach of contract, material misrepresentation/omission, negligence, respondeat superior, failure to supervise. Events occurring during the period of January 2014 to December 2015.” The customer is seeking $240,463.93 in damages and the case is currently pending. This case is regarding common and preferred stocks.
February 2016. “Client was speculative high risk. Alleges:Churning; unsuitability; breach of fiduciary duty; federal securities fraud; engaging in non-authorized trades; common law fraud; negligent supervision. Account was opened in June of 2013, account was active up until November of 2015. Activities are alleged to have occurred during the period 06/2013-11/2015.” The customer sought $235,000 in damages and the case was settled for $20,000. This case was regarding equity OTC.
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, Portfolio Advisors Alliance, LLC may be liable for investment or other losses suffered by Siegel’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.