Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. She succeeds Don Plaus, who's retiring. FINRA also alleges that the firm did not maintain accurate and current books and records, as well as failed to create and maintain a system to supervise employees. This is a national investigation involving the sales practices and product sales of investment products to clients. Here is a brief summary of FINRAs allegations against Fazzone. National Securities Corporations financial advisors allegedly made unsuitable recommendations. Even when the issuers of these investments failed to make timely interest payments and defaulted on principal payments, National Securities Corporation continued to allow its representatives to sell additional offerings. "Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. Marc Anthony Arena of Westbury Connecticut a stockbroker formerly employed by National Securities Corporation is referenced in a customer initiated investment related arbitration claim which was settled for $400,000.00 in damages supported by allegations that (1) Arena breached A settlement has been proposed in a class action lawsuit against National Securities Corporation(Defendant) in regard to the Series D, Series D-1, and Series D-2 Beamreach Solar (f/k/a Solexel) (Beamreach) security offerings through Defendant. Read this notice carefully. A National Securities Arbitration & Investment Fraud Law Firm. FINRA alleged that National Securities Corporation continued to conduct a securities business while the firm was facing a net capital deficiency due to a variety of accounting errors and violations. Website vulnerabilities are defects that may allow an attacker to violate a security policy to cause some impact or consequence, particularly those vulnerabilities that allow increased levels of access or the ability to interfere with the normal operation of the server or site. An official website of the United States government. FINRA, the regulatory agency that oversees broker-dealers, has recently barred several brokers who had been working at National Securities Corporation in the past few years. After having been open since 1947, the year Jackie Robinson first played for the Brooklyn Dodgers, National Securities Corp. told Finra on Monday it was shutting down. National Securities Corporation (NSC) promotes itself as one of the countrys largest independent broker-dealers. We investigate all sales practice violations while taking into consideration the investors age, investment background, and the relationship between the investor and the brokerage firm and its financial advisor. We have a proven track record helping creditors and investors recover funds, both in the UK and abroad, with particular expertise in cases involving bitcoin scams and binary option trading fraud. Hospitality Investors Trust REIT Lawsuits, National Securities Corporation Investigation, Northstar Financial Services (Bermuda) Investigation, Clark Harris and Sigma Financial Corporation Investigation, Stephen Swensen Ponzi Scheme Investigation, Credit Suisses actions caused DGAZ to become completely dislocated from the index. CISA provides secure means for constituents and partners to report incidents, phishing attempts, malware, and vulnerabilities. Call us now for a free consultation at, Breach of Fiduciary Duty and Broker Negligence, fine for failure to properly supervise a financial. 15 disclosures reference arbitration matters. Other charges against NSC included in the $9 million sanction imposed by FINRA include: Based on our experience, we believe more investors have been the victims of National Securities Corporations alleged broker misconduct and investment fraud. But if no money is recovered from your claim, you will owe nothing to our team for attorneys fees or the work done on the case. The investor alleged that a National Securities, In February of 2015, National Securities Corporations financial advisor John Joseph Labarca (, was permanently barred from the securities industry for allegedly committing serious misconduct, including failing to produce requested documents and failing to cooperate with FINRA investigators and enforcement staff. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); 2022 Peiffer Wolf Carr Kane Conway & Wise, LLP. National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. Notably, this was a penny stock. According to investment bank Robert A. Stanger & Co. Inc., January nontraded REIT sales to retail investors totaled just $596 million. While employed as a financial advisor at NSC, Mr. Labarca was based in Houston, Texas. In June of 2017, Reuters released the results of a comprehensive. National Securities Corporation Investor Fraud. If it can be determined that the financial advisor violated FINRA rules and the employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.". WebPeiffer Wolf and Meyer Wilson are currently investigating claims against Joseph Gileno of Sovereign Global Advisors LLC and National Securities Corporation for his recommendation of GPB Capital Holdings funds and potentially other alternative investments. The missed interest payments and defaults, according to FINRA, should have been a red flag to National Securities Corporation of possible problems with the private placement offerings. Share sensitive information only on official, secure websites. The missed interest payments and defaults, according to FINRA, should have been a red flag to National Securities Corporation of possible problems with the private placement offerings. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois. The pending complaint alleges damages of $2.5 million. The Indiana Securities Division alleged the financial advisor was not yet properly registered in Indiana when he was opening accounts with clients residing in Indiana. Contingent fee. If you are/were a client of a broker registered with National Securities Corporation, Contact Us Today by calling 585-310-5140 or by filling out an online contact form for a FREE Consultation. Learn more about reprints and licensing for this article. The Settlement provides two types of benefits to Class Members: 1) payment of between approximately 10% or 40% of your investment amount in Beamreach, totaling $4,650,000 for the entire Class on a gross basis before deduction of attorneys fees, costs, and class administrative expenses, depending on whether you invested in the Series D Preferred Stock; Series D-1 Preferred Stock; or the Series D-2 Note Offering; and 2) two years of commission-free brokerage services from Defendant (or any acquiring firm should Defendant cease offering brokerage services), commencing at a date certain. Investment fraud complaints can be widespread and relate to a variety of types of broker misconduct. The lawsuit alleges that the Claimants have suffered significant losses during a time when the financial markets have enjoyed record returns of actual damages of no less than $80,000. WebOn June 23, 2022, FINRA announced that it had fined and sanctioned National Securities Corporation for approximately $9 million it received for underwriting 10 public offerings in The dispute went before a FINRA arbitration panel, which found in favor of the investor. | GPB Capital Lawsuit Christopher Ortiz is a registered broker with National Securities Corporation and an Investment Adviser registered with National Asset Management. The securities involved ownership interests in V.W. Anyone who invested with National Securities. Class Period: F Read more about our results. After leaving Thomas H. Lee Partners in 2006, he started another firm, Lee Equity Partners, that made a handful of significant transactions in wealth management shops. At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. WebNational Securities Corporation Sued For Negligence. FINRA investigators discovered that the NSC failed to properly protect the best interests of their clients because its financial advisors recommended a very high-risk private placement to investors who had no business being in such an investment. For more information on the claim filed by The White Law Group, please contact the firm at 1-888-637-5510. The firm is led by Scott Silver, a former Wall Street defense attorney who has been representing customers in securities and investment fraud cases since 2002. It provides investors with an opportunity to attempt to recoup their investment losses and is an alternative to filing such claims in court. Then, on June 23, FINRA announced that it had sanctioned National Securities Corporation (NSC) approximately $9 million, including disgorgement of $4.77 million in net profits the firm received for underwriting 10 public offerings in which NSC attempted to artificially influence the market for the offered securities.. If you are/were a client of Joseph Gileno, Contact Us Today by calling 888 Breach of Fiduciary Duty and Broker Negligence, In December 2016, a FINRA arbitration panel found against the is the brokerage and one of its representatives in a case involving allegations including a, This case was related to a National Securities Corporation customers purchase of a large number of shares in a company called Islet Sciences. See Table 1, Worst Firms by Firms Current Brokers Histories of Resolved Customer Complaints. We represent investors in FINRA arbitration claims on a contingency fee basis. On October 5th, 2001, another claimant was awarded more than $145,000 after alleging that National Securities Corporation employees had engaged in breach of fiduciary duties, fraud, misrepresentation, the omission of facts, recommending unsuitable investments and failure to supervise. 62 disclosures include regulatory events. If you invested with brokers at National Securities Corporation, Contact Peiffer Wolf immediately for a FREE Consultation. The firm has successfully litigated against some of the largest companies in the United States, and has recovered more than a billion dollars on clients behalf. A federal court authorized this Notice. In this latest dispute, Tesla, followed by news that In addition, it is alleged that the firm filed a series of untimely and inaccurate financial entries, including repeatedly overstating its net capital for the last business day of every month, and therefore booked transactions for which there was no economic support. The arbitration panel agreed with this investor, awarding $155,000. Even when the investment companies failed to make timely interest payments and defaulted on principal payments, National Securities Corporation continued to allow its representatives to sell additional offerings. Silver Law Group guided me through the arbitration process and a mediation, always fully prepared and committed to my case.. Petersburg, and Washington, D.C. Northstar Financial Services (Bermuda) Losses, Methes Energies International, Ltd. (MEIL). for its misconduct relating to a failed private placement. Some of the alleged misconduct includes: unsuitable investment recommendations, unauthorized trading, over-concentration, and churning. Since the credit crisis of 2008, National Securities has reported two dozen disclosure items on its BrokerCheck report, with the $9 million Finra settlement the most recent. Silver Law Group and Scott Silver aggressively pursued their losses until he got their money back., You and your entire staff have been wonderfully organized, professional and a delight to hear from. The White Law Group announces the filing of a FINRA arbitration claim against National Securities Corporation involving high-risk non-traded REITs. Anyone who invested with National Securities Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. Also, see Table 2, Worst Firms Ranked by Pending Customer Complaints. National Securities Corporation has been the subject of several FINRA arbitration claims which have resulted in awards to claimants. The State of Indiana Securities Division and National Securities Corporation entered into an Order of Consent and agreed in December 2013 to a fine for failure to properly supervise a financial advisor doing business in Indiana. Federal incident notification guidelines, including definitions and reporting timeframes can be found here. Visit our Florida Securities Whistleblower Website, National Securities Corporation | Stockbroker Fraud Lawyer Silver Law. Industries. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois. 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