Did ALLAN MONTALBANO Excessively Trade Your Account?

Soreide Law Group is evaluating possible investor claims against Worden Capital Management and National Securities Corporation broker and financial advisor Allan Montalbano (CRD#: 4507029, Garden City, New York).  Notably, at least 14 clients of Montalbano disputed his sales practices, and all but 3 disputes have settled through payments to clients. Here’s a summary of some of the disputes suggesting Montalbano sold unsuitable investments and excessively traded client accounts:

National Securities Corp Client’s Arbitration Claim Indicates Allan Montalbano Negligently Traded Equities

Evidently, a client of National Securities Corp filed a FINRA Arbitration #: 18-02616 on August 3, 2018. Allegedly, Montalbano failed to comply with his fiduciary responsibility to this client. Supposedly, Montalbano carelessly and negligently traded OTC equities, placing his interests ahead of the client’s interests. Not only that, but the client alleged that Montalbano misrepresented facts about the investments he sold and failed to comply with terms of an investment agreement. For this reason, the client alleged $280,000 in damages in this ongoing matter.

Worden Capital Management Client’s Arbitration Claim Suggests Montalbano Churned Accounts

Worden Capital Management disclosed that a client filed FINRA Arbitration #: 17-02308 about Montalbano on September 7, 2017. Allegedly, Montalbano churned the client’s stock holdings. It appears Montalbano may have traded just to generate commissions or fees from the client. The client contended that Montalbano made unsuitable or unreasonable trades in the client’s account. Allegedly, Montalbano or Worden Capital Management LLC breached both a contact and a fiduciary duty causing losses to this client. On March 1, 2018, the firm settled the matter through a payment of $15,000 to the client.

Client Of National Securities Corp Indicates Allan Montalbano Misrepresented Investments

A National Securities Corp client contested Montalbano’s sales practices in bringing a FINRA Arbitration #: 17-00703 on March 16, 2017. First of all, the client alleged that the securities representative negligently traded OTC equities. Secondly, Montalbano supposedly made inaccurate or misleading statements at the time of sale. Third, the client stated that the securities representative failed to comply with his fiduciary responsibility or follow the terms of an investment contract or policy. Apparently, on October 12, 2018, National Securities Corp settled this matter by paying the client $160,000.

National Securities Corp Client’s Arbitration Claim Suggests Montalbano Breached Fiduciary Duty

Evidently, FINRA Arbitration #: 17-00240 concerns Montalbano’s purportedly bad behavior affecting another National Securities Corp client. Allegedly, the firm violated the Iowa Uniform Securities Act through Montalbano’s actions which generated losses for the client’s account. It appears that Montalbano failed to act in the client’s best interest. Supposedly, he made recommendations in bad faith. The client additionally claimed that Montalbano misrepresented information regarding OTC equities. For this reason, on March 31, 2017, National Securities Corporation opted to settle this matter by paying the client $15,000.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Other clients brought disputes about Montalbano asserting claims of reckless misrepresentation, unauthorized trading and excessive trading. Experienced losses through investing with broker Alan Montalbano, who was last employed as a Worden Capital Management general securities representative from 2015 to 2017? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.