April 15, 2022 | Silver Law Group Boca Raton, FL-based National Securities Corporation has received a fine of $663,000 after FINRA found that it deceived investors from December 2017 through January 2018. 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. In June of 2017, Reuters released the results of a comprehensiveinvestigative reportfocusing on broker-dealers that currently employ a high concentration of brokers who had red flags on their record with FINRA. Non-traded REITs do not re-price on a regular basis, are expensive, have historically been outperformed by REITs that are traded on national exchanges, and carry significant risk. Our team typically handles securities and investment-related legal claims on a contingency or success-fee basis. In February of 2015, National Securities Corporations financial advisor John Joseph Labarca (CRD#: 2030473) was permanently barred from the securities and investment industry for allegedly committing serious misconduct, including not producing requested information and failing to cooperate with FINRA investigators. (Case # 01-01187). The securities involved ownership interests in V.W. In December 2016, a FINRA arbitration panel found against the is the brokerage and one of its representatives in a case involving allegations including abreach of fiduciary duty. Design a site like this with WordPress.com. "We believe there are many more investors who have suffered losses in alternative investments who just don't realize they have recourse, or may be unaware of any wrongdoing," said D. Daxton White, managing partner of The White Law Group, a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois. focusing on broker-dealers that currently employ a high concentration of brokers who had red flags on their record with FINRA. FINRA investigators found that the firm failed to properly protect the best interests of its clients because its brokers recommended a very high-risk private placement to investors who had no business being in such an investment. FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. The investor alleged that a National Securities Corporations financial advisor negligently misrepresented a penny stock investment. 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. In June of 2017, Reuters released the results of a comprehensive. A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. Christopher Ortiz | National Securities Corporation | GPB Capital Lawsuit Who is Christopher Ortiz? 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 breach of fiduciary duty. Lawsuit Filed Against National Securities Corporation for Investment Losses. Visit our Florida Securities Whistleblower Website, National Securities Corporation | Stockbroker Fraud Lawyer Silver Law. WebSecurities Arbitration & Investment Fraud Lawyers - National practice. He shares the title with Mike Mullen, the former head of National Securities. If you are/were a client of Joseph Gileno, Contact Us Today by calling 888 WebIf you suffered investment losses with Mr. Ciocia through National Securities Corporation, Contact Peiffer Wolf immediately for a FREE Consultation 585-310-5140. Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. She received her law degree from American University in 2005. During that time, an investor accused him ofmaking unauthorized trades data-preserver-spaces=true>and churning his brokerage account. If so, please visit National Vision Holdings, Inc. The missed interest payments and defaults should have been a red flag to NSC of possible problems with the offerings. National Securities Corporation was included on this list, with Reuters finding that 34.6 percent of the companys 714 brokers had at least one piece of negative information on their record. View all posts by Meredith Davis. 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. Even with private placements, brokerage firms like National Securities Corporation still have a legal duty to ensure that the specific investment in question is suitable for any of their clients that they are pushing it on. The Claimants, a married couple from New York, maintained accounts with the Respondent. Please disable your ad-blocker and refresh. (FINRA Case #2009019068201). 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. Eileen is involved in the firms securities practice and has over a decade of experience in the legal world. National Investment Fraud Lawyers KlaymanToskes Continues Investigation of National Securities Corporation for GPB Capital Sales. An investor accused Mr. Labarca of making unauthorized trades and churning his investment brokerage account. The attorneys and staff at Peiffer Wolf Carr Kane Conway & Wise produce top-quality work and our results speak for themselves. This field is for validation purposes and should be left unchanged. Notably, this was a penny stock. []. On December 29th, 2015, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $4,000 for allegedly engaging in dishonest and unethical business practices, by both employing an individual who engaged in cold-calling without being registered as an agent under Connecticut securities law, and employing one or more agents who used sales presentations to mislead potential customers. According to the New Release published by FINRA on June 23, 2022, between June 2016 and December 2018, NSC, while acting as an underwriter for three initial public offerings and seven follow-on offerings, violated Rule 101 of Regulation M under the Securities Exchange Act of 1934 by unlawfully inducing or attempting to induce certain customers to purchase stock in the aftermarket of the offerings prior to their completion.. legal rights are affected regardless of whether you do or do not act. When such investments go bad, investors are often left with few, if any, options to recover their lost funds. In particular, defects that allow intruders to gain increased levels of access or interfere with the normal operation of systems are vulnerabilities. Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. 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. National Securities Corporation has been the subject of several FINRA arbitration claims which have resulted in awards to claimants. Allegedly, the Respondent and their Financial Advisor, EDWARD PAUL DEICKE (EDWARD DEICKE) recommended speculative non-traded REITs such as Northstar Healthcare and the AR Global NYC REIT. Specifically, Financial Industry Regulatory Authority (FINRA) BrokerCheck disclosed that investors complained about the securities broker, who worked for Securities America Inc. 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. Made inaccurate representations to FINRA concerning the sales of stock warrants it received in connection with an October 2019 public offering. 2023 InvestmentNews LLC. Also, see Table 2, Worst Firms Ranked by Pending Customer Complaints. The claim further alleges that National Securities Corporation unsuitably invested its client in the following non-traded REITs: For more information on the claim filed by The White Law Group, please contact the firm at 1-888-637-5510. Filed in 2020, the complaint alleges that as a representative of National Securities Corporation, Jay Sheth recommended an unsuitable private placement product. 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. Northstar Healthcare and AR Global NYC REIT are currently down 75% and 50% respectively. 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.". The Financial Industry Regulatory Authority (FINRA) alleged that the securities offerings were outside the scope of National Securities Corporation, but that the company wanted Balsamo to sell interests in the company by promising him ownership interests. | GPB Capital Lawsuit Christopher Ortiz is a registered broker with National Securities Corporation and an Investment Adviser registered with 15 disclosures reference arbitration matters. 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. ARBITRATION ATTORNEYS UNCOVER SECRET ARRANGEMENT: HOW MANY CASES MUST BE VACATED NOW, FINRA? National Securities Corporations financial advisors allegedly made unsuitable recommendations. 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. For complete details,view the Class Action Settlement Agreement and Release (Settlement Agreement), available in the. Notably, this was a penny stock. (Case # CO-15-8256-S). Silver Law Group is a team of securities lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation. (FINRA Case #2009018196502). Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. 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. Scott is admitted to practice in New York and Florida and the firms FINRA arbitration attorneys represents investors nationwide. Some of the most common complaints against a brokerage firm or stock broker include: Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit. If you have suffered significant losses with HEXO Corp., please contact Silver Law Group at 954-755-4799 to discuss options for recovering your . The integration of the two firms has appeared to be inevitable for some years. 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. In August 2018, Reuters published a report noting that in late 2016 Fortress Biotech acquired a controlling stake in National Securities parent company, National Holdings, and has since used the brokerage firm to raise money for some of Fortresss high-risk bio-tech companies. To settle the matter, National Securities agreed to pay: disgorgement of $4.8 million in net profits it received for underwriting the 10 public offerings; $625,000 in restitution for failing to disclose material information in 2018 to customers who purchased GPB Capital Holdings private placements; and a $3.6 million fine for this misconduct and various other supervisory and operational violations. 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. Notably, this was a penny stock. To submit a report, please select the appropriate method from below: Report incidents as defined byNIST Special Publication 800-61 Rev 2, to include. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. Ginzkey v National Securities Corporation, Case No. 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 (877) SEC-ATTY. National Securities was previously named in a 2017 Reuters report that identified 48 brokerage firms in which at least 30% of the firms brokers have red flags on their records. The lawsuit claims that the Claimants, a married couple The claim further alleges that National Securities Corporation unsuitably invested its client in the following non-traded REITs: First Capital REIT, American Finance Trust (AFIN), New York City REIT and ARC Healthcare Trust II, Inc. This is a national investigation involving the sales practices and product sales of investment products to clients. National Securities Corporation was included on this list, with Reuters finding that 34.6 percent of the companys 714 brokers had at least one piece of negative information on their record. 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. The breakdown of these disclosures are: National Securities Corporation is based in Seattle, Washington, and the firm is licensed to operate in 53 U.S. states and American territories. The Finra settlement dealt with a lot of legacy issues and it was important to close that door prior to the integration with B. Riley, Mullen said. As such, publicly censured and ordered to pay $175,000 in restitution to affected investors. We are smart, experienced, and dedicated professionals who work tirelessly for our clients and take pride in the pursuit of justice on their behalf. Finra hits National Securities with $9 million penalty - Investm According to FINRAs 2022 BrokerCheck report, National Securities Corporation (NSC) has approximately 66 disclosures, and 16 customer-initiated arbitrations against it that include complaints for unsuitable recommendations, churning, and failing to diversify investment portfolios. The Division alleged the broker was not yet registered in Indiana when he opened accounts with clients residing in Indiana. This is not junk mail, an advertisement, or a solicitation from a lawyer. While employed as a. data-preserver-spaces=true>and churning his brokerage account. Defendant denies all of the claims and says it did not doanythingwrong. While employed as a financial advisor at NSC, Mr. Labarca was based in Houston, Texas. See Table 1, Worst Firms by Firms Current Brokers Histories of Resolved Customer Complaints. Non-traded REITs, are illiquid investments with substantial risk. WebSAN FRANCISCO, July 14, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in J2 Global, Inc. (NASDAQ:JCOM) to submit their losses now. A .gov website belongs to an official government organization in the United States. 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.. As alleged, a National Securities Corporation supervisor approved the new accounts at the time as well. 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. Here is a brief summary of FINRAs allegations against Fazzone. 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