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How Investors Can Sue Former National Securities Corporation Financial Advisor James Mariani

Posted on Thursday, May 17th, 2018 at 6:23 am    

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Did you lose money investing with former National Securities Corporation financial advisor James Mariani (CRD# 2932631)? Mariani has been registered with Aegis Capital Corp. in Bayside, New York since September 2017. Previously, he was registered with National Securities Corporation in Mineola, New York from 2007 to 2017.

In May 2005, NASD suspended Mariani violating NASD rules 2310 and 2210. According to the Acceptance, Waiver & Consent, “Mariani engaged in mutual fund switching in a customers account. He effectuated purchases and sales of mutual funds. He recommended and effected securities transactions on margin in the account of a customer. He did not have reasonable grounds for believing that these transactions were suitable for the customer based on her financial situation, investment objectives and needs.”

Mariani has been the subject of six customer complaints between 2002 and 2018, one of which was denied and one was closed without action, according to his CRD report:

April 2018. “Unsuitability, breach of fiduciary duty, negligence.” The customer is seeking $432,020.69 in damages and the case is currently pending.

April 2009. “Fraud, breach of contract, excessive trading, unsuitability, and negligence.” The case was settled for $150,000.

December 2008. “Fraud and deceit, breach of fiduciary duty, breach of contract and negligence in connection with a 1031 tax exchange investment.” The customer sought $442,000 in damages and the case was settled for $15,000.

November 2002. “Churning, unauthorized use of margin, unauthorized trades.” The customer sought $75,175 in damages and the case was settled for $36,000.

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 Mariani’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.