Soreide Law Group is investigating prospective investor claims against Aegis Capital Group securities broker Michael Fasciglione (CRD#: 1806486, Bayside, New York). Mainly, the securities broker, who joined Aegis’ Bayside branch in September 13, 2017 after working at National Securities Corporation for more than 10 years, is entangled in disputes from investors. A number of those disputes, summarized below, suggest that he failed to place clients’ interests before his own, and instead negligently recommended unsuitable investments. Here’s more:
National Securities Corp, Aegis Client Suggests Michael Fasciglione Sold Bad Private Placements
A client of National Securities Corp and Aegis brought FINRA Arbitration #: 19-02874 on September 25, 2019. Apparently, the client claimed that Michael Fasciglione recommended unsuitable investments. Also, Fasciglione allegedly failed to comply with his fiduciary responsibility. This means Fasciglione possibly made trades or sales of private placements which were not compatible with the client’s goals. The securities firms and Fasciglione also appear to have breached a contract. Not only that, but the client alleged that Fasciglione misrepresented private placements which he seems to have recommended. Currently, the client seeks payment of $250,000 – $500,000 for Fasciglione’s allegedly bad sales practices.
Fasciglione Allegedly Makes Unsuitable Real Estate Securities Trades
Evidently, National Securities Corp is reporting a FINRA Arbitration #: 18-04200 which concerns Michael Fasciglione. Apparently, the client contended in this December 2018 dispute that Fasciglione recommended unsuitable real estate investments which could have included non-traded REITS. Apparently, the real estate security was not compatible with the client’s goals or risk profile. Not only that, but Fasciglione allegedly breached a fiduciary duty to this National Securities Corp client. For this reason, the client asked for $467,000 in compensation.
National Securities Corp Settles Client’s Claim About Michael Fasciglione’s Negligent Alternative Investment Sales
A client of National Securities Corp named Michael Fasciglione as a party in FINRA Arbitration #: 18-01146 on April 3, 2019. Allegedly, National Securities Corp and Fasciglione acted negligently in recommending or selling the client alternative investments. It appears that Fasciglione allegedly failed to have a reasonable basis in making recommendations of risky, illiquid, and speculative investments. Evidently, National Securities Corp settled this matter through a payment of $135,000 to the client on June 3, 2019.
Prior Client Disputes Indicate Fasciglione Churned Accounts
Evidently, a National Securities Corp client disputed Michael Fasciglione’s trading through a formal complaint in 2012. Supposedly, Fasciglione not only sold unsuitable mutual funds and real estate securities, but he churned the client’s account. This means that Fasciglione allegedly traded mainly to generate commission from the client. Eventually, the broker paid the client $80,000 to settle the churning and suitability allegations.
Experienced losses due to Michael Fasciglione? 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.