Elder Abuse Alert: NJLI Advisors L.L.C. Financial Advisor and Owner Michael Siegel
Posted on Tuesday, March 27th, 2018 at 8:01 am
Were you the victim of NJLI Advisors L.L.C. financial advisor and owner Michael Siegel (CRD# 1950871)?
In February 2018, the New Jersey Bureau of Securities sanctioned Siegel to $100,000 in civil and administrative penalties and fines and expelled him from the association after it was found that he defrauded an elderly couple of at least $280,000. The investigation found that Siegel convinced the couple to write him checks to invest in options contracts that he never purchased and instead pocketed the money and spent it on himself and his family members.
The investigation found that Siegel made untrue statements of material fact and/or omitted to state material facts necessary in order to make the statements made in light of the circumstances under which they were made, not misleading. It was found that Siegel, “engaged in an act, practice, or course of business which would operate as a fraud or deceit upon any person in connection with the offer, sale or purchase of securities. Siegel engaged in dishonest or unethical business practices in the securities business. Siegel willfully violated or willfully failed to comply with provisions of the securities law.”
The Bureau Chief found that Siegel violated the policies of procedures of two broker-dealers that Siegel was associated with by accepting checks, loans and gifts from the elderly couple who had accounts with the two firms. The time frame was between July 2013 and January 2016.
In October 2016, FINRA barred Siegel after he failed to respond to FINRA request for information.
Siegel was registered with National Securities Corporation in Edison, New Jersey from April 2014 to May 2016. Previously, he was registered with Concorde Investment Services, LLC in Parsippany, New Jersey from 2013 to 2014.
Siegel has been the subject of three customer complaints between 2016 and 2018, according to his CRD report:
February 2018. “Misrepresentation, unauthorized trading & suitability.” The customer is seeking $70,875 in damages and the case is currently pending.
July 2016. “Misrepresentation,suitability,fraud, and churning.” The customer sought $2,016,064.90 in damages and the case was settled for $250,000.
July 2016. “Client alleges misrepresentation, suitability, fraud, theft/forgery and churning, in relation to REIT and Equity investments from 2013 to 2016.” The customer is seeking $2,016,064.90 in damages and the case is currently pending.
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 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.