Former National Securities Corporation Broker James Mariani Investment Losses
Posted on Monday, October 21st, 2019 at 3:25 pm
Were you the victim of former National Securities Corporation broker 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 and fined Mariani $15,000, regarding his participation in mutual fund switching in a customers account. According to Mariani’s CRD, “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 seven customer complaints between 2002 and 2018, one of which was denied and one was closed without action, according to his CRD report. The recent complaint is regarding:
December 2018. “Time frame: unspecified. Suitability and breach of fiduciary duty.” The customer is seeking $467,000 in this pending customer complaint. This complaint is regarding a real estate security.
April 2018. “Unsuitability, breach of fiduciary duty, negligence.” The customer sought $432,020.69 in damages and the case was settled for $135,000. This case was regarding an alternative investment.
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.