Former Legend Securities, Inc. Broker Nicholas Schiano Investment Losses
Posted on Wednesday, October 30th, 2019 at 9:19 am
There are options for clients of former Legend Securities, Inc. broker Nicholas Schiano (CRD# 4429212) who suffered investment losses. Schiano has been registered with Spartan Capital Securities, LLC in New York, New York since 2017.
Schiano has been the subject of five customer complaints between 2017 and 2020, according to his CRD report:
December 2020. “Churning and Qualitative and Quantitative Unsuitability; Alleged Allegations: Breach of Fiduciary Duty; Breach of Contract; Negligent Misrepresentation and Omissions. Activity was between November 2016 through August 2017.” The customer is seeking $414,744 in damages and the case is currently pending.
May 2020. “Allegations of Unsuitability, Over concentration, Excessive Trading.” The customer sought $46,295 in damages and the case was settled for $7,499.99. The complaint took place while Schiano was registered with Legend Securities, Inc.
January 2020. “Time Frame: No time frame mentioned/associated with individual claimant in Statement of Claim (SOC). Allegations: Alleging misrepresentation and unsuitable recommendations.” The customer is seeking $241,727 in damages and the case is currently pending.
April 2019. “Allegations of misrepresentation, negligence, breach of fiduciary duty.” The customer sought $208,000 in damages and the case was settled for $32,500. The complaint took place while Schiano was registered with Legend Securities, Inc. and was regarding common and preferred stocks.
August 2017. “Unsuitable Transactions.” The customer sought $128,541 in damages and the case was settled for $35,000. The complaint took place while Schiano was registered with Legend Securities, Inc. and was regarding equity OTC 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, Legend Securities, Inc. may be liable for investment or other losses suffered by Schiano’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.