John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
Investors reportedly complained about securities broker Nicholas James Schiano (CRD#: 4429212, New York, New York). Evidently, the securities broker worked for securities firms, including Legend Securities (2013 to 2016), Worden Capital Management (2016 to 2017), and Spartan Capital Securities (August 2017 to present). Here's more about these disputes, including what you could do if you experienced losses.
A client of Worden Capital Management disputed Nicholas Schiano’s sales practices. Namely, in this May 2021 dispute, the client alleged that Schiano churned their accounts. Secondly, the client alleged unsuitable recommendations concerning equities and stocks. Moreover, the FINRA Arbitration Claim alleges breach of fiduciary contract. Supposedly, Schiano caused the client to experience damages from 2016 to 2017. For this reason, Worden Capital Management opted to pay the client $5,000 to settle this matter.
In addition, a client of Worden Capital Management took aim at Nicholas Schiano’s equity trades. This dispute contains allegations of breach of fiduciary duty and breach of contract by the securities broker. Not only that, but the client alleged misrepresentation and omissions of equities and stocks and that it was not suitable for Schiano to have traded their account so frequently. This FINRA Arbitration Claim further contains allegations of churning from 2016 to 2017. Because of this, the client asked for $414,744 in compensation in this unresolved matter.
Evidently, a client of Legend Securities brought a dispute about Schiano’s trading too. Supposedly, a May 2020 dispute alleged unsuitability by Schiano. In this dispute, Schiano is accused of overconcentrating the client's assets and making excessive trading. It appears that Legend Securities opted to settle this matter by making a $7,499 payment to the client.
In a fourth dispute listed on BrokerCheck, a FINRA Arbitration Claim from January 2020, a client of Spartan Capital Securities alleged Nicholas Schiano engaged in sales practice violations. Specifically, Schiano supposedly misrepresented information about the client’s investments. Also, the securities broker purportedly inappropriately advised them. For this reason, the client asked for $241,727. This matter is awaiting a resolution.
Prior disputes from Legend Securities clients collectively allege negligence, breach of fiduciary duty, and unsuitable trading. The firm settled those disputes through compensation to investors.
Did you suffer losses because of Nicholas Schiano? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Schiano denies allegations of his sales practice violations.
John Alex (CRD: 2020710) settled customer disputes at Morgan Stanley and UBS Financial Services between 2011 and 2025, according to BrokerCheck, which lists him as John L. Alex.
Sam Bhushan (CRD: 4884717) is named in several pending customer complaints and one settled dispute, according to his BrokerCheck report.
Sterling Louviere (CRD: 2021328), listed on BrokerCheck as Sterling Vaughn Louviere, is named in a pending customer claim over Reg D private placements, with Cabin Securities as the firm named.
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