Vincent Virga Dealt Regulatory Sanctions, Faces Madison Avenue Client Disputes

Some investors have potentially experienced damages because of financial advisor and securities broker Vincent Anthony Virga, also known as Vincenzo Virga Jr. [CRD: 5070668, Bayonne, New Jersey], according to investor disputes disclosures on the Financial Industry Regulatory Authority (FINRA) BrokerCheck. Virga worked for Madison Avenue Securities LLC from April 28, 2009, to February 5, 2021. Keep reading to learn more about Virga's regulatory history and the allegations investors made.

Madison Avenue Securities LLC Investor Accused Virga Of Unsuitable Recommendations

Notably, on November 29, 2023, a Madison Avenue Securities LLC client filed FINRA Arbitration No. 23-03405 concerning Vincent Virga. Particularly, the client alleged that Virga made unsuitable recommendations of alternative investments, primarily in NorthStar Healthcare REIT. This situation led the client to allegedly sustain damages. Consequently, the client seeks compensation for these alleged damages. As of now, this arbitration is pending a resolution.

Vincent Virga Accused Of Omissions By Madison Avenue Securities LLC Client

In another instance, a client of Madison Avenue Securities LLC contested Vincent Virga’s sales practices. The client claimed that Virga failed to disclose commissions in the sale of mutual funds. The complaint, received on October 19, 2018, and settled on November 30, 2020, involved mutual funds. The settlement amount was $22,141.45.

Investor Accused Virga Of Unsuitable Advice

Also, FINRA Arbitration No. 21-02597 was filed about Vincent Virga by a Madison Avenue Securities LLC investor. This matter, which began on October 19, 2021, involved allegedly unsuitable recommendations of alternative investments. This led to a settlement on October 19, 2022, for $45,000.

Vincent Virga Sanctioned By State Of Florida For Failure To Disclose

On October 5, 2021, Florida Department of Financial Services issued sanctions against Vincent Virga under Case No. MC-4636022\ CA-39565. The regulatory action was a result of Virga's failure to disclose available cost savings in mutual fund transactions, leading to clients unnecessarily paying $19,687 in sales charges. As a result, Virga faced a fine of $1,500 and a one-year probation.

Virga Faced FINRA Sanctions For Undisclosed Mutual Fund Charges

Virga received sanctions from FINRA for misconduct related to mutual fund investments. On November 20, 2020, in Letter of Acceptance, Waiver, and Consent No. 2019061187801, FINRA sanctioned Virga for failing to disclose available cost savings to a client. Supposedly, Virga did not inform the client of rights of accumulation and breakpoint discounts, which could have reduced the sales charges. Consequently, Virga was suspended from association with any FINRA member for one month, starting December 21, 2020, and ending January 20, 2021.

Seek Legal Assistance For Losses Incurred Due To Vincent Virga's Actions

Did you experience damages because of securities broker / financial advisor Vincent Virga? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Virga and the brokerage firms he worked for deny accusations of sales practice violations.