The attorneys and staff at Peiffer Wolf Carr Kane Conway & Wise produce top-quality work and our results speak for themselves. Filed in 2020, the complaint alleges that as a representative of National Securities Corporation, Jay Sheth recommended an unsuitable private placement product. National Securities Corporation Investor Fraud. | GPB Capital Lawsuit Christopher Ortiz is a registered broker with National Securities Corporation and an Investment Adviser registered with National Asset Management. In June of 2017, Reuters released the results of a comprehensive. Peregrine Financial Group Customer Litigation, Failing to report statistical information regarding customer complaints to FINRA within the required time period, Selling non-investment grade junk bonds issued by the Commonwealth of Puerto Rico to customers below the minimum denomination (Minimum denominations are intended to limit sales of securities to retail investors for whom such bonds may not be suitable), Failing to identify or ignoring red flags involving numerous instances of potentially suspicious securities transactions, Allowing its representatives to sell certain private placement investments without having reasonable grounds to believe that they were suitable for any customers, Failure to adequately supervise brokers/ agents, Selling securities below the public offering price in what was alleged to be a fixed-price offering, Employing an unregistered agent and allowing that person to conduct securities transactions, Numerous and excessive securities transactions, Unsuitable use of margin considering the customers financial situation, investment objectives, and needs, Unsuitable investments/ unsuitable recommendations, Failure to disclose material facts/ material omissions. The investor alleged that a National Securities Corporations financial advisor negligently misrepresented a penny stock investment. The FINRA Brokercheck report also reflects the main address in Boca Raton, Florida. Lawsuit Filed Against National Securities Corporation for Investment Losses. 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. Visit our Florida Securities Whistleblower Website, National Securities Corporation | Stockbroker Fraud Lawyer Silver Law. As alleged, a National Securities Corporation supervisor approved the new accounts at the time as well. If you invested in a GPB or another product through National Securities Corporation, you may have a legal claim. Read more about our results. GPB Capital Holdings, The Law Firm, at no cost to investors, will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action. Davids advocacy has generated major recoveries for consumers impacted by financial fraud. 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. As such, publicly censured and ordered to pay $175,000 in restitution to affected investors. 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 post National Securities Corporation Lawsuit appeared first on Investment Fraud Lawyers. Free confidential consulation. 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. Learn more about reprints and licensing for this article. 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. WebNational Securities Corp (Case #: 2014041850701) - National Securities was fined $25,000 by FINRA due to the findings that showed that the firm allegedly effected An official website of the United States government. Disclaimer 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. In February of 2015, National Securities Corporations financial advisor John Joseph Labarca (CRD#: 2030473)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. 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. This is a national investigation involving the sales practices and product sales of investment products to clients. Petersburg, and Washington, D.C. Northstar Financial Services (Bermuda) Losses, Methes Energies International, Ltd. (MEIL). The lawsuit states that the Respondents actions have caused the Claimants alleged damages of approximately $1,000,000.00 The lawsuit allegations are as follows: negligence, breach of fiduciary duty, negligent supervision, breach of contract, fraud, and violation of Floridas Investor Protection Act 517. 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. The contact form sends information by non-encrypted email, which is not secure. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); 2022 Peiffer Wolf Carr Kane Conway & Wise, LLP. These rights and optionsand the deadlines to exercise themare explained in this Notice. 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. The integration of the two firms has appeared to be inevitable for some years. My in-laws lost their retirement funds to a dishonest broker. Subscribe for original insights, commentary and analysis of the issues facing the financial advice community, from the InvestmentNews team. YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT. Many of our clients have lost a significant portion of their net worth as the result of the negligence of their financial professional. Webmaintains your account, National Financial Services at (800) 801-9942 and COR Clearing LLC at (800) 811-3487 for instructions on how they may assist you by providing prompt The securities involved ownership interests in V.W. The FINRA arbitration panel agreed with this investor, awarding$155,000. 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. 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 (FINRA Case #2009019068201). (Case # 03-01071). The lawsuit alleges that the Claimants have suffered significant losses during a time when the financial markets have enjoyed record returns of actual damages If you are/were a client of Joseph Gileno, Contact Us Today by calling 888 It is alleged that National Securities Corporation failed to perform the necessary due diligence on these investments prior to recommending them to this particular investor. Attorney Advertising. (Case # 2011025633901). Both National Securities and B. Riley Wealth Management used Fidelitys National Financial Services as a clearing firm, so transferring client accounts was a seamless task, executives said in an interview Friday morning. Design a site like this with WordPress.com. National Securities Corporation Lawsuit Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities 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. Call us now for a free consultation at, Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating. 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. As such, financial advisors and their firms must conduct proper due diligence before making any such recommendations. All Rights Reserved. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. The arbitration panel agreed with this investor, awarding $155,000. 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. for losses related to a National Securities Corporations financial advisors recommendations that she put her money into unsuitable mutual funds. This is not junk mail, an advertisement, or a solicitation from a lawyer. The lawsuit alleges that the losses they suffered were sustained because the Respondent mishandled the Claimants assets by failing to properly allocate and diversify the Claimants life savings. WebSecurities Arbitration & Investment Fraud Lawyers - National practice. Matthew Fleissner of New York New York a stockbroker formerly employed by National Securities Corporation is The FINRA Brokercheck report also reflects the main address in Boca Raton, Florida. Peiffer Wolf has begun an investigation into the brokers at National Securities Corporation. Write to the Court with reasons why you do not agree with the Settlement. FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. The missed interest payments and defaults should have been a red flag to NSC of possible problems with the offerings. Ginzkey v National Securities Corporation, Case No. National Securities Corporation entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA in which the NSC was ordered to pay $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. 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. Mainly, FINRA sanctioned the securities broker, who worked for Joseph Stone Capital LLC. Prior Results do not guarantee a similar outcome. Anyone who invested with National Securities. National Securities Corporation alledgely failed to conduct adequate due diligence of private placements investment it offered. As alleged, the firm failed to identify or ignored red flags involving numerous instances of potentially suspicious securities transactions. 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. (See: FINRA Case #2009019068201). Attempts to gain unauthorized access to a system or its data, Unwanted disruption or denial of service, or. NSC also failed to enforce, establish, and maintain a sufficient supervisory process /system designed to comply with rules in connection with the sale of private placements for investors. (Case # 2013036454901). 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. Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. For more information on the claim filed by The White Law Group, please contact the firm at 1-888-637-5510. Ohio National Life Lawsuit and RebatingAllegations, https://investmentfraudlawyers.com/national-securities-corporation-lawsuit/, https://investmentfrulw.tumblr.com/post/611146656555171840. The pending complaint alleges damages of $2.5 million. "Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. National Securities Corporation (NSC) promotes itself as one of the countrys largest independent broker-dealers. Read more about what judges say about us. Federal incident notification guidelines, including definitions and reporting timeframes can be found here. This includes: National Securities Corporation is headquartered in Seattle, Washington, and the firm is licensed to operate in 53 U.S. states and American territories. for its misconduct relating to a failed private placement. He was named to the Top 40 Under 40 by Daily Journal and a Rising Star in Class Actions by Law360. Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. 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. "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. She succeeds Don Plaus, who's retiring. 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. Northstar Healthcare and AR Global NYC REIT are currently down 75% and 50% respectively. Our lawyers will guide you through every step of the arbitration process with personal and professional support. During that time, an investor accused him ofmaking unauthorized trades data-preserver-spaces=true>and churning his brokerage account. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights. 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. The Claimants, a married couple from New York, maintained accounts with the Respondent. A private placement investment is notoriously risky for most main street type investors. My in-laws lost their retirement funds to a dishonest broker. While employed as a. data-preserver-spaces=true>and churning his brokerage account. The integration of the two firms has appeared to be inevitable for some years. In 2018, B. Riley Financial announced that it was purchasing a large stake in National Holdings Corp., the parent of National Securities Corp., and in 2021 B. Riley said it was buying the rest of the company shares it didnt already own. For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit https://www.whitesecuritieslaw.com. (A Broker Comment on the complaint reads in part: The losses claimed are false and registered representative The lawsuit claims that the Claimants, a married couple Notably, this was a penny stock. As such, we believe that part of our role as attorney is to offer a supportive environment for our clients and to provide advice and support as we attempt to recover these investment losses. 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. As alleged, a National Securities Corporation supervisor approved the new accounts at the time as well. Is a registered broker with National Securities Corporation | Stockbroker Fraud Lawyer Law! The arbitration process with personal and professional support instances of potentially suspicious Securities.... Failed to conduct adequate due diligence of private placements Investment it offered Corporation supervisor the! Unauthorized trades data-preserver-spaces=true > and churning national securities corporation lawsuit brokerage account our Lawyers will guide you every... 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