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Were You a Victim of Former National Securities Corporation Financial Advisor Michael Fasciglione?

Posted on Saturday, March 30th, 2019 at 11:31 am    

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There are options for customers of former National Securities Corporation financial advisor Michael Fasciglione (CRD# 1806486) regarding investment losses. Fasciglione has been registered with Aegis Capital Corp. in Bayside, New York since 2017. Previously, Fasciglione was registered with National Securities Corporation in Mineola, New York from 2007 to 2017.

In January 2015, FINRA suspended Fasciglione for one month and sanctioned him to $5,000 in civil and administrative penalties and fines, regarding, “without admitting or denying the findings, fasciglione consented to the sanctions and to the entry of findings that he failed to timely amend his form u4 to disclose one internal revenue service (IRS) tax lien filed against him.”

In July 2004, the New York Stock Exchange Division of Enforcement barred Fasciglione for two months regarding, “**07/28/2004** stipulation executed findings: consent to findings that fasciglione: 1. Violated exchange rule 342.16 by failing to discharge his duties and obligations in connection with the supervision and control of the activities of an employee related to the business of his employer; 2. Violated exchange rule 405(2) by failing to discharge his duties and obligations in connection with the supervision of accounts serviced by a registered representative under his control; 3. Caused violations of exchange rule 410(a) in that he failed to ensure that account designation changes to orders in two customer accounts were authorized by a duly qualified individual who was personally informed of the essential facts relative thereto; 4. Violated exchange rule 352(c), in that he caused reimbursement of losses in two customer accounts; and 5. Caused a violation of exchange rule 351(d) in that he failed to notify his member firm employer of the complaint of a customer of his member firm employer. Penalty: censure, two month plenary bar, and an undertaking to retake qualifying exams before undertaking any securities supervisory position in the future.”

Fasciglione has been the subject of 13 customer complaints between 1995 and 2018, one of which was closed without action, according to his CRD report. Recent cases are regarding:

December 2018. “Time frame: unspecified. Suitability and breach of fiduciary duty.” The customer is seeking $467,000 in damages and the case is currently pending. The case was regarding real estate securities.

November 2018. “Suitability.” The customer is seeking $12,703 in damages and the case is currently pending. The case was regarding real estate securities.

March 2018. “Misrepresentation.” The customer is seeking $15,000 in damages and the case is currently pending. The case was regarding real estate securities.

May 2017. “Unsuitability, breach of fiduciary duty, negligence.” The customer is seeking $432,020.69 in damages and the case is currently pending. The case was regarding alternative investments.

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 Fasciglione’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.