Broker Vincent Virga Involved In Madison Avenue Securities Client Disputes About Alternative Investments
The Financial Industry Regulatory Authority contains new information in regard to securities broker Vincent Anthony Virga (“Vincenzo Virga”) (CRD#: 5070668, Bayonne, New Jersey). Namely, it appears that two investors filed disputes alleging unsuitable recommendations by Virga when he worked for Madison Avenue Securities (2009 to 2021). In addition, the State of Florida, Department of Financial Services, issued Virga a fine, and FINRA sanctioned him for allegedly making unsuitable recommendations. Here’s a closer look at these disclosures.
Vincent Virga’s Madison Avenue Securities Client Alleges Unsuitable GPB Investments
Evidently, a client of Madison Avenue Securities came forward with a dispute about Vincent Virga in August 2021. This FINRA Arbitration Claim alleges that Virga made unsuitable recommendations of alternative investments, resulting in the client’s purchase of $500,000 in securities. It seems that Virga recommended GPB to the client, who experienced losses as a result. For this reason, the client requests compensatory relief in this ongoing matter.
Virga Allegedly Sells Unsuitable Alternative Investments
It appears that a second client alleged sales practice violations in a dispute about Vincent Virga. In this June 2021 FINRA Arbitration Claim, the client took issue with Virga’s alternative investment recommendations. It seems that the client sustained damages by investing in these DPP or LP products in 2015. Also, Madison Avenue Securities purportedly failed to supervise Virga. Because of this, the client seeks $495,000 in compensation. This matter is unresolved at this time.
FINRA Sanctions Vincent Virga For Unsuitable Recommendations
Notably, in November 2020, Vincent Virga agreed to a one-month suspension and a $5,000 fine to resolve allegations that he violated FINRA rules by making unsuitable recommendations. It appears that Virga advised a client to buy $480,000 in mutual funds before explaining the possibility of the client saving money. Supposedly, the client could have taken advantage of breakpoints discounts, rights of accumulation, and other mechanisms to save on costs. Notably, FINRA says that Virga had the client invested in different mutual fund families, resulting in $19,687 in purportedly unnecessary sales charges. Evidently, Virga served the suspension between December 21, 2020, and January 20, 2021.
Also, Florida’s DOFS issued Vincent Virga a $1,500 fine following FINRA’s disciplinary action against him.
Did You Face Financial Harm Because Of Virga?
Did securities broker Vincent Virga cause you to suffer losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation when they have incurred losses by their financial advisors and securities brokers. Please note that Virga denies all allegations of his sales practice violations.