In November 2014, National Securities Corporation was censured and fined $60,000 by the Securities and Exchange Commission for executing a solicited sales transaction in Puerto Rican non-investment grade, or junk bonds, below the $100,000 minimum denomination of the issue established by the issuer, Puerto Rico. In December 2013, a FINRA arbitration panel awarded a Colorado investormore than $219,000 in damagesfor losses related to a National Securities Corporations financial advisors recommendations that she put her money into unsuitable mutual funds. WebIf you suffered investment losses with Mr. Ciocia through National Securities Corporation, Contact Peiffer Wolf immediately for a FREE Consultation 585-310-5140. Soreide Law Group is investigating possible investor claims against securities broker Wayne Ribnick (also known as Wayne Stuart Ribnick) [CRD: 2682822, Malibu, CA]. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. 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. As such, financial advisors and their firms must conduct proper due diligence before making any such recommendations. This means that you will not have to pay an hourly rate or pay out-of-pocket in advance for legal representation. Many of the dividend payments made by non-traded REITs do not actually represent distribution of earnings from the REIT, but instead either represent debt or a return of principal. He was named to the Top 40 Under 40 by Daily Journal and a Rising Star in Class Actions by Law360. 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. Allegedly, Kling made excessive trades. Filed in 2020, the complaint alleges that as a representative of National Securities Corporation, Jay Sheth recommended an unsuitable private placement product. In December 2019, a former National Securities Corporation financial advisor (Todd Joseph Heinrich) was suspended by FINRA for allegedly failing to comply with a FINRA arbitration award or settlement agreement. According to the article, some of the Fortress companies promoted by National Securities brokers include: If you invested in any of these companies based on the recommendation of your National Securities Broker, you may have a legal claim. National Securities Corporation alledgely failed to conduct adequate due diligence of private placements investment it offered. FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. But one detail is that the various parts of the enterprise will now operate under the B. Riley brand. As alleged, the firm failed to identify or ignored red flags involving numerous instances of potentially suspicious securities transactions. 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. In this latest dispute, Tesla, followed by news that He has been in the securities industry for 29 years and is currently listed with, since 6/24/2015: NATIONAL SECURITIES CORPORATION (NSC) 255 EXECUTIVE DRIVE SUITE 305 PLAINVIEW, NY 11803 If you have experienced losses due to the recommendations or actions of NATIONAL SECURITIES CORPORATION (NSC) and/or their broker, EDWARD DEICKE, contact Soreide Law Group and speak to a lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois. Several of them have allegedly recommended NYC REIT, Phillips Edison REIT, AFIN REIT, GWGs L Bonds, Franklin Income Fund, GPB, and potentially other alternative investments to investors. See Table 1, Worst Firms by Firms Current Brokers Histories of Resolved Customer Complaints. In March of 2003, a case with the same allegations resulted in the claimant being awarded more than $80,000. An official website of the United States government. Use of editorial content without permission is strictly prohibited|All rights reserved, According to the firms BrokerCheck report, Senate passes anti-ESG bill; Biden threatens first veto, Wealthfront introduces individual stock picking, Annuity risk transfer sales soared in 2022, Limra says, Finra encourages brokers to increase scrutiny, controls when using finfluencers, Institutional investors lean into active management, despite trend toward passive, UBS adds pair of Merrill advisors managing $640 million, LPL facing SEC investigation into unapproved personal devices. Petersburg, and Washington, D.C. Northstar Financial Services (Bermuda) Losses, Methes Energies International, Ltd. (MEIL). Notably, this was a penny stock. The Division alleged the broker was not yet registered in Indiana when he opened accounts with clients residing in Indiana. One such claimant was awarded over $200,000 in compensatory damages, interest, costs and attorneys fees in an award that found the NSC broker churned the claimants account and purchased stock which was unsuitable for the claimant because of her age, disability, investment objectives and needs. Free confidential consulation. Investors should be aware that the current (February 2020). 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.". On April 15th, 2015, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $20,000 for reportedly failing to disclose that the firm would receive selling compensation for a private placement that it had marketed to potential investors. Haselkorn & Thibaut, a national law firm for investors, is currently investigating losses from National Securities Corporation to securities fraud or Plaintiffs and the Class Members claim that Defendant negligently offered and recommended securities of Beamreach Solar (f/k/a Solexel) forsale to them, without a reasonable basis. If you invested with brokers at National Securities Corporation, Contact Peiffer Wolf immediately for a FREE Consultation. 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. WebKevin Keane, of Chicago, Illinois, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim, which settled on June 26, 2014, for $11,800.00 in damages based upon allegations that Keane negligently handled the customers investment account, breached Even with private placements, brokerage firms like National Securities Corporation still have a legal duty to ensure that the specific investment security in question is suitable for any of their clients that they are pushing it on. Between April 2018 and July 2018, negligently omitted to tell investors in two offerings related to GPB Capital about delays in the issuers required public filings, including audited financial statementsfor which FINRA has ordered the firm to pay restitution of more than $625,000 to those customers; Between January 2005 and April 2020, failed to obtain locates for over 33,000 short sale transactions as required by Rule 203(b)(1) of Regulation SHO under the Exchange Act; Between September 2013 and May 2017, failed to reasonably supervise one of its representatives by failing to respond to multiple red flags that he was falsifying information about customers assets and suitability information in order to avoid NSCs limits on concentration levels that applied to his non-traded real estate investment trust recommendations; and. from https://investmentfraudlawyers.com/national-securities-corporation-lawsuit/, From https://investmentfrulw.tumblr.com/post/611146656555171840, At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. Northstar Healthcare and AR Global NYC REIT are currently down 75% and 50% respectively. The State of Indiana Securities Division and National Securities Corporation entered into an Order of Consent and agreed in December 2013 to a, Securities Corporations financial advisors allegedly made unsuitable, former National Securities Corporation financial advisor, fine for failure to properly supervise a financial, Securities Division alleged the financial advisor. Share sensitive information only on official, secure websites. A lawsuit filed last week in U.S. District Court for the Southern District of New York by Kay Johnson claims she was fired for her research into insider trading by Joe Peiffer, Responsible Attorney. According to the allegations in the lawsuit, NATIONAL SECURITIES CORPORATION (NSC) failed to disclose the high fees and commissions earned for these illiquid investment recommendations. Notably, FINRA sanctioned the securities broker, who worked for NYLife Securities LLC, because Fazzone allegedly converted funds. B. Riley Wealth has focused for the most part on hiring employee brokers and financial advisers, while National Securities focused on independent contractor reps. Lawsuit Filed Against National Securities Corporation for Investment Losses. WebNational Securities Corporation Sued For Negligence. Gibbs Law Groupsfinancial fraudandsecurities lawyershave more than two decades of experience prosecuting fraud. She received her law degree from American University in 2005. Official websites use .gov | GPB Capital Lawsuit Christopher Ortiz is a registered broker with National Securities Corporation and an Investment Adviser registered with National Asset Management. Abuse or misuse of a system or data in violation of policy. The State of Indiana Securities Division and NSC signed an Order of Consent and agreed to a fine in December 2013 for failure to supervise a broker doing business in Indiana. National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and ordered to pay restitution of $175,000 for failing to have reasonable grounds to believe that private placements offered by Provident Royalties, LLC and Medical Capital Holdings, Inc. were suitable for any customer. The investor alleged that a National Securities Corporations financial advisor negligently misrepresented a penny stock investment. Visit our Florida Securities Whistleblower Website, National Securities Corporation | Stockbroker Fraud Lawyer Silver Law. While employed as a financial advisor at National Securities Corporation, Mr. Labarca was based in an office in Houston, Texas. A private placement investment is notoriously risky for most main street type investors. At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. The claim, filed by The White Law Group, was submitted to FINRA Dispute Resolution on behalf of a California resident alleging claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. This is a national investigation involving the sales practices and product sales of investment products to clients. We are a nationwide litigation law firm that represents individuals and entities who have been the victims of negligence, fraud or the misconduct of powerful interests. She succeeds Don Plaus, who's retiring. Peiffer Wolf Carr & Kane This case was related to a National Securities Corporation customers purchase of a large number of shares in a company called Islet Sciences. (FINRA Case #2009019068201). The integration of the two firms has appeared to be inevitable for some years. Secure .gov websites use HTTPS If you invested in a GPB or another product through National Securities Corporation, you may have a legal claim. focusing on broker-dealers that currently employ a high concentration of brokers who had red flags on their record with FINRA. All Rights Reserved. for its misconduct relating to a failed private placement. During that time, an investor accused him ofmaking unauthorized trades data-preserver-spaces=true>and churning his brokerage account. You will still receive a payment from this Settlement and you will give up certain legal rights. Anyone who invested with National Securities in encouraged to get a free investment portfolio review and consultation by the investment fraud lawyers at Haselkorn & Thibaut. Notably, this was a penny stock. Dedicated to the representation of investors in claims against their financial professional or brokerage firm, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions. The post National Securities Corporation Lawsuit appeared first on Investment Fraud Lawyers. 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. When such investments go bad, investors are often left with few, if any, options to recover their lost funds. ARBITRATION ATTORNEYS UNCOVER SECRET ARRANGEMENT: HOW MANY CASES MUST BE VACATED NOW, FINRA? Made inaccurate representations to FINRA concerning the sales of stock warrants it received in connection with an October 2019 public offering. 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