ATTENTION INVESTORS: Complaints Filed Against Legend Securities Brokers Jonathan Miller, Samuel Girgiss

 
Legend Securities, Inc. (CRD#: 44952, New York) is a previously registered brokerage firm which FINRA expelled June 21, 2018. Specifically, FINRA’s Hearing Officer issued a Default Decision in FINRA Case #2015048048801 on November 6, 2017, finding the firm violated NASD Rule 3010 and FINRA Rule 3110 and 2010. The Decision stated that Legend Securities, Inc. failed to appropriately supervise Hank M. Werner, a broker who committed fraud by churning a customer’s accounts. Additionally, FINRA’s Hearing Officer stated that the firm did not establish or enforce a supervision system to confirm Hank M. Werner was placed on heightened supervision. Notably, FINRA expelled the firm because it did not pay costs or fines totaling $200,000.00.
Several Legend Securities Inc. customers filed complaints about the firm and its brokers claiming sales practice violations. For example, here is a summary of customer initiated, investment-related fraud claims involving Legend Securities, Inc. brokers Jonathan Miller and Samuel Girgiss:

Jonathan Miller Ordered To Pay Customer Compensatory And Punitive Damages For Committing Fraud

 
Jonathan J. Miller (CRD#: 5772258, New York, New York) was a general securities representative of Legend Securities, Inc. from January 28, 2014 to July 26, 2016. Apparently, the firm reported on Jonathan Miller’s FINRA BrokerCheck Report that a customer named Jonathan Miller in FINRA Arbitration #16-00514.
First, the customer claimed that the firm and Jonathan Miller made misrepresentations and falsifications of important investment information. Supposedly, Jonathan Miller induced the customer’s purchases by way of those false statements. Second, Jonathan Miller and the firm allegedly engaged in fraudulent conduct. Third, the customer claimed that Jonathan Miller churned the customer’s accounts. Fourth, Jonathan Miller apparently violated a fiduciary duty which he owed the customer. Fifth, the customer claimed that Jonathan Miller and the firm were negligent in their dealings with the customer. Eventually, on February 15, 2018, FINRA Office of Dispute Resolution issued an Award in which the Arbitration Panel found Jonathan Miller and Legend Securities, Inc. jointly liable. As a result, the Panel required the firm and Miller to pay compensatory damages of $161,970.00 and punitive damages of $20,000.00.
Side Note: Jonathan Miller later became a registered representative of Joseph Stone Capital L.L.C. Jonathan Miller disclosed that a Joseph Stone Capital customer filed an investment dispute on November 1, 2017. Allegedly, Jonathan Miller made misrepresentations to the customer about OTC equities. Supposedly, he led the customer to believe that the customer was able to purchase 15,000 shares of Fat Brands Inc. (“FAT”) at a price of $12.00 in the primary market. As a result, Jonathan Miller reportedly paid the customer $20,000.00. Accordingly, this complaint settled November 1, 2017.

Samuel Girgiss Named In FINRA Arbitration Alleging Churning, Fraud

 
Samuel Girgiss (CRD#: 6088898, New York, New York) is a past Legend Securities, Inc. registered representative. Apparently, Samuel Girgiss reported through FINRA BrokerCheck that a Legend Securities, Inc. customer filed FINRA Arbitration #14-03866. Supposedly, Samuel Girgiss or the firm breached a contract under which the firm and customer were parties. Next, the customer claimed that Samuel Girgiss or Legend Securities, Inc. made bad investment recommendations, and was liable for churning the customer’s accounts. The Statement of Claim further alleges that Samuel Girgiss or the firm breached a fiduciary duty to the customer and committed fraud. Finally, the firm allegedly failed to supervise the broker’s actions in the account. Because of the allegations of fraud, breach of contract, unsuitability, and breach of fiduciary duty, Legend Securities, Inc. opted pay the customer $40,000.00. Accordingly, this matter settled on or before April 18, 2017.

If you have incurred losses by investing with Legend Securities, Inc. brokers Jonathan J. Miller or Samuel Girgiss, 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 advance all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.