FINRA Suspends CRAIG SIEGEL

FINRA Suspends Portfolio Advisors Alliance's Craig Siegel

Soreide Law Group is looking into potential investor disputes against securities broker Craig Siegel [CRD#: 5759415, New York, New York]. Evidently, Siegel worked for Portfolio Advisors Alliance between 2013 and 2018. Notably, FINRA suspended Siegel between May 10, 2019 and July 16, 2019 for non-compliance. Not only that, but two of his clients complained about his sales practices. Here is a brief summary of FINRA’s allegations against Siegel:

FINRA Suspends Siegel For Failure To Respond To Request For Information

Evidently, on May 10, 2019, FINRA suspended Craig Siegel for not responding to a request. Specifically, FINRA asked Siegel for information after two or more of his clients brought disputes about him. It appears that Siegel eventually responded to FINRA on July 16, 2019 terminating the suspension. By doing so, he averted what would have been an automatic bar that FINRA planned to effectuate on July 19, 2019.

Craig Siegel Allegedly Churns Account Of Portfolio Advisors Alliance Client

Apparently, a client of Portfolio Advisors Alliance contested Craig Siegel’s actions in FINRA Arbitration #: 18-01471 dated April 30, 2018. Allegedly, Siegel excessively traded securities including OTC equities and stocks. Not only that, but the client alleged that Siegel was engaging in churning of the client’s investment account. It seems that the broker mainly traded to generate commissions. Also, the client contended that Siegel made inappropriate trades in the client’s account. It is possible that Siegel did not consider the client’s risk tolerance or some other aspect of the client’s investment profile. Finally, Portfolio Advisors Alliance purportedly failed to supervise the securities broker. Consequently, the client demanded compensation from Portfolio Advisors Alliance or Siegel in the amount of $99,300.56 in this ongoing matter.

Portfolio Advisors Alliance Client Indicates That Siegel Breached A Fiduciary Duty

Supposedly, on February 3, 2016, a Portfolio Advisors Alliance client filed FINRA Arbitration #: 16-00037 about Craig Siegel. First of all, the client suggested that Siegel breached a fiduciary duty. Secondly, the securities broker was allegedly deceptive and sold investments which did not align with the client’s risk tolerance. Thirdly, the client alleged that Siegel churned the account and made unauthorized trades. It also appears that Portfolio Advisors Alliance negligently supervised him. For this reason, the client experienced losses on over the counter equities. Consequently, on August 11, 2017, Portfolio Advisors Alliance settled this client’s dispute by paying the client $20,000.

Losses From Craig Siegel?

Have you experienced losses by investing with Craig Siegel? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Siegel.