MICHAEL ALAN SIEGEL (MICHAEL A SIEGEL) CRD#: 1950871, a Livingston, New Jersey broker will have his agent registration revoked and was fined $100,000 in civil penalties against him and his company NJLI Advisors L.L.C. after defrauding an elderly couple of at least $280,000, according to the Attorney General of New Jersey Bureau of Securities.
Allegedly, Michael Alan Siegel befriended the elderly couple, in their 80s, while they were dealing with health issues in the family. According to the Attorney General’s office, Siegel spent time with the elderly husband discussing the stock market, and after the death of a family member, Siegel allegedly convinced the couple to transfer their brokerage accounts to a dealer Siegel was associated with. Allegedly the couple wrote Siegel checks between July 2013 and January 2016 to invest in options contracts, which he never purchased. Siegel kept the couple’s money for his own personal expenses including, travel, auto leases, high-end audio equipment and restaurants.
According to the Attorney General’s office, after the husband passed away, the widow relied on Siegel for her financial decisions. Siegel allegedly continued to have the elderly widow write him checks for options investments and commissions.
“The financial exploitation of seniors commonly involve a trusted persons in the life of the vulnerable adult,” said Christopher W. Gerold, Chief of the Bureau of Securities. “If someone suspects the financial exploitation of a senior or vulnerable adult, it is important to ask questions and report the matter to the Bureau.”
FINRA has barred MICHAEL ALAN SIEGEL from acting as a broker or otherwise associating with a broker-dealer firm.
According to FINRA’s BrokerCheck, MICHAEL ALAN SIEGEL has 5 disclosures on his report. Siegel has been in the securities industry for 19 years and was listed with 13 firms, the 7 most recent listed below:
04/21/2014 - 05/13/2016 NATIONAL SECURITIES CORPORATION - EDISON, NJ
09/19/2013 - 04/22/2014 CONCORDE INVESTMENT SERVICES - PARSIPPANY, NJ
08/02/2013 - 09/18/2013 FORESTERS EQUIRTY SERVICES, INC - SAN DIEGO, CA
04/26/2013 - 06/19/2013 THE INVESTMENT CENTER, INC - WARREN, NJ
01/30/2012 - 04/30/2013 ONEAMERICA SECURITIES, INC - BRIDGEWATER, NJ
12/24/2010 - 11/28/2011 HORNOR, TOWNSEND & KENT, INC - EDISON, NJ
01/27/2009 - 03/18/2010 METLIFE SECURITIES INC - STATEN ISLAND, NY
If you or an elderly family member were clients of MICHAEL ALAN SIEGEL and experienced losses due to his actions or recommendations, call Soreide Law Group and speak to a securities lawyer regarding the recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
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