According to the lawsuit NSCs actions in this case constitute: negligence, breach of contract, negligent supervision, breach of fiduciary duty, and violations of FINRA rules. Allegedly, the Respondent and their Financial Advisor, EDWARD PAUL DEICKE (EDWARD DEICKE) recommended speculative non-traded REITs such as Northstar Healthcare and the AR Global NYC REIT. B. Riley Wealth has focused for the most part on hiring employee brokers and financial advisers, while National Securities focused on independent contractor reps. In October 2017, Financial Advisor Magazine published Firm Does What FINRA Wont: Rates 30 Worst Brokerage Firms (10/24/17). The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois. FINRA alleged that National Securities Corporation continued to conduct a securities business while the firm was facing a net capital deficiency due to a variety of accounting errors and violations. "We believe there are many more investors who have suffered losses in alternative investments who just don't realize they have recourse, or may be unaware of any wrongdoing," said D. Daxton White, managing partner of The White Law Group, a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois. The FINRA Brokercheck report also reflects the main address in Boca Raton, Florida. As such, financial advisors and their firms must conduct proper due diligence before making any such recommendations. The FINRA dispute went before a FINRA arbitration panel, which found in favor of the investor, awarding him $504,443.04. Reuters reported the results of a comprehensive investigative report in 2017 that focused on broker-dealers and investment firms that currently employ a high concentration of financial advisors and brokers who had red flags on their record with FINRA. The Settlement provides two types of benefits to Class Members: 1) payment of between approximately 10% or 40% of your investment amount in Beamreach, totaling $4,650,000 for the entire Class on a gross basis before deduction of attorneys fees, costs, and class administrative expenses, depending on whether you invested in the Series D Preferred Stock; Series D-1 Preferred Stock; or the Series D-2 Note Offering; and 2) two years of commission-free brokerage services from Defendant (or any acquiring firm should Defendant cease offering brokerage services), commencing at a date certain. On December 29th, 2015, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $4,000 for allegedly engaging in dishonest and unethical business practices, by both employing an individual who engaged in cold-calling without being registered as an agent under Connecticut securities law, and employing one or more agents who used sales presentations to mislead potential customers. The contact form sends information by non-encrypted email, which is not secure. My in-laws lost their retirement funds to a dishonest broker. WebKevin Keane, of Chicago, Illinois, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim, which settled on June 26, 2014, for $11,800.00 in damages based upon allegations that Keane negligently handled the customers investment account, breached If you win, the lawyers fee will come out of the money awarded to you. Scott Silver zealously handled the matter, recovering my losses., I almost lost a lifetime of earnings after trusting the wrong person. To submit a report, please select the appropriate method from below: Report incidents as defined byNIST Special Publication 800-61 Rev 2, to include. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. The claim seeks damages between $100,000.01 and $500,000. As alleged, a supervisor approved the new account documents. Specifically, Financial Industry Regulatory Authority (FINRA) BrokerCheck disclosed that investors complained about the securities broker, who worked for Securities America Inc. Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against (Respondent), NATIONAL SECURITIES CORPORATION (NSC). The article notes that this conduct creates a potential conflict of interest with National Securities brokerage clients. Peregrine Financial Group Customer Litigation, Failing to report statistical information regarding customer complaints to FINRA within the required time period, Selling non-investment grade junk bonds issued by the Commonwealth of Puerto Rico to customers below the minimum denomination (Minimum denominations are intended to limit sales of securities to retail investors for whom such bonds may not be suitable), Failing to identify or ignoring red flags involving numerous instances of potentially suspicious securities transactions, Allowing its representatives to sell certain private placement investments without having reasonable grounds to believe that they were suitable for any customers, Failure to adequately supervise brokers/ agents, Selling securities below the public offering price in what was alleged to be a fixed-price offering, Employing an unregistered agent and allowing that person to conduct securities transactions, Numerous and excessive securities transactions, Unsuitable use of margin considering the customers financial situation, investment objectives, and needs, Unsuitable investments/ unsuitable recommendations, Failure to disclose material facts/ material omissions. The attorneys and staff at Peiffer Wolf Carr Kane Conway & Wise produce top-quality work and our results speak for themselves. According to FINRAs BrokerCheck, available to the public on FINRAs website, EDWARD DEICKE, has two Customer Disputes on his CRD report. The firm is led by Scott Silver, a former Wall Street defense attorney who has been representing customers in securities and investment fraud cases since 2002. Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor. The Division alleged the broker was not yet registered in Indiana when he opened accounts with clients residing in Indiana. negligently omitted to tell investors in two offerings related to GPB Capital about delays in the issuers required public filings, including audited financial statements, If you invested in a GPB or another product through National. Other charges against NSC included in the $9 million sanction imposed by FINRA include: Based on our experience, we believe more investors have been the victims of National Securities Corporations alleged broker misconduct and investment fraud. Marc Anthony Arena of Westbury Connecticut a stockbroker formerly employed by National Securities Corporation is referenced in a customer initiated investment related arbitration claim which was settled for $400,000.00 in damages supported by allegations that (1) Arena breached This is a national investigation involving the sales practices and product sales of investment products to clients. Federal incident notification guidelines, including definitions and reporting timeframes can be found here. Lawsuit Filed Against National Securities Corporation for Investment Losses. The post National Securities Corporation Lawsuit appeared first on Investment Fraud Lawyers. Since the credit crisis of 2008, National Securities has reported two dozen disclosure items on its BrokerCheck report, with the $9 million Finra settlement the most recent. This is a national investigation involving the sales practices and product sales of investment products to clients. An official website of the United States government. A private placement investment is notoriously risky for most main street type investors. Defendant denies all of the claims and says it did not doanythingwrong. Notably, this was a penny stock. National Securities Corporation was predominately displayed on this list of broker-dears, with Reuters showing that 34.6 percent of the NSCs 714 brokers had at least one piece of negative information on their official record. Several of them have allegedly recommended NYC REIT, Phillips Edison REIT, AFIN REIT, GWGs L Bonds, Franklin Income Fund, GPB, and potentially other alternative investments to investors. Eileen is involved in the firms securities practice and has over a decade of experience in the legal world. If you invested with brokers at National Securities Corporation, Contact Peiffer Wolf immediately for a FREE Consultation. (Case # 01-01187). We are securities attorneys based in Chicago, Illinois. These rights and optionsand the deadlines to exercise themare explained in this Notice. A federal court authorized this Notice. Notably, this was a penny stock. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. National Securities Corporation entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA in which the NSC was ordered to pay $175,000 for In October 2017, Financial Advisor Magazine published Firm Does What FINRA Wont: Rates 30 Worst Brokerage Firms (10/24/17). Made inaccurate representations to FINRA concerning the sales of stock warrants it received in connection with an October 2019 public offering. Web 78aaa et seq.) Please. NSC was founded in 1947 and is headquartered in Seattle, Washington, with offices in New York and Florida. This includes: National Securities Corporation is headquartered in Seattle, Washington, and the firm is licensed to operate in 53 U.S. states and American territories. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights. As alleged, a National Securities Corporation supervisor approved the new accounts at the time as well. Even when the issuers of these investments failed to make timely interest payments and defaulted on principal payments, NSC continued to allow its representatives to sell additional offerings. We have a proven track record helping creditors and investors recover funds, both in the UK and abroad, with particular expertise in cases involving bitcoin scams and binary option trading fraud. According to securities industry rules and regulations, unsuitable investment advice, securities concentration, fraudulent misrepresentations and omissions of material facts, breach of fiduciary duty, conflicts of interest, variable annuity switching are among the causes of action that may be available to investors in claims for damages against brokerage firms and their financial advisors in a securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). The arbitration panel agreed with this investor, awarding $155,000. Industries. The claim further alleges that National Securities Corporation unsuitably invested its client in the following non-traded REITs: For more information on the claim filed by The White Law Group, please contact the firm at 1-888-637-5510. Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. Unethical stock brokers often prey on unsuspecting investors, and a broker scam can be difficult to identify until it is too late and excessive losses have occurred. He shares the title with Mike Mullen, the former head of National Securities. Then, on June 23, FINRA announced that it had sanctioned National Securities Corporation (NSC) approximately $9 million, including disgorgement of $4.77 million in net profits the firm received for underwriting 10 public offerings in which NSC attempted to artificially influence the market for the offered securities.. (877) SEC-ATTY. In 2011, National Securities Corporation waspublicly censured and ordered to pay $175,000 in restitution to affected investorsfor its misconduct relating to a failed private placement. Through these various firms, NSC has underwritten a large number of securities offerings for companies, some of which have either failed or have disappointed investors thus far. However, FINRA arbitration offers investors a potential path to recovery of their investment losses. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. Petersburg, and Washington, D.C. Northstar Financial Services (Bermuda) Losses, Methes Energies International, Ltd. (MEIL). National Securities Corporation Lawsuit Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Scott focuses his law practice on securities arbitration and litigation and plaintiff-side class action litigation, representing individual investors and institutions in claims against brokerage firms, investment advisors, commodities firms, hedge funds and others. The new firm can move potential hires and recruits in either direction. National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. Mainly, FINRA sanctioned the securities broker, who worked for Joseph Stone Capital LLC. Christopher Ortiz | National Securities Corporation | GPB Capital Lawsuit Who is Christopher Ortiz? This field is for validation purposes and should be left unchanged. Ohio National Life Lawsuit and RebatingAllegations, https://investmentfraudlawyers.com/national-securities-corporation-lawsuit/, https://investmentfrulw.tumblr.com/post/611146656555171840. NSC has a long list of companies for which it has served as an underwriter in public securities offerings, some of which have been delisted or fallen significantly in share value. WebIf you held or currently hold accounts with National Securities Corp, you should contact Peiffer Wolf Carr & Kane immediately for a FREE Consultation. For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit. |Legal & Advertising Disclaimers. Notably, FINRA sanctioned the securities broker, who worked for NYLife Securities LLC, because Fazzone allegedly converted funds. As such, we believe that part of our role as attorney is to offer a supportive environment for our clients and to provide advice and support as we attempt to recover these investment losses. The lawsuit states that the Respondents actions have caused the Claimants alleged damages of approximately $1,000,000.00 The lawsuit allegations are as follows: negligence, breach of fiduciary duty, negligent supervision, breach of contract, fraud, and violation of Floridas Investor Protection Act 517. NSC also failed to enforce, establish, and maintain a sufficient supervisory process /system designed to comply with rules in connection with the sale of private placements for investors. For more information on the claim filed by The White Law Group, please contact the firm at 1-888-637-5510. Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. FINRA investigators discovered that the NSC failed to properly protect the best interests of their clients because its financial advisors recommended a very high-risk private placement to investors who had no business being in such an investment. In this latest dispute, Tesla, followed by news that the National Highway Traffic Safety Administration which makes a corporation's controlling persons, like Musk and his CFOs, liable for section 10b violations. (Case # 2011026724701).FINRA Fines and Sanctions National Securities CorporationNational Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $65,000 for failing to establish and implement policies, procedure and internal controls reasonably expected to detect suspicious transactions. For more information about The White Law Group call our Chicago office at 312-238-9650 or visit us on the web at http://www.whitesecuritieslaw.com. Notably, this was a penny stock. Even with private placements, brokerage firms like National Securities Corporation still have a legal duty to ensure that the specific investment security in question is suitable for any of their clients that they are pushing it on. WebOn December 4th, 2014, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured GPB Capital Holdings, Secure .gov websites use HTTPS (FINRA Case #2009019068201). B. Riley Financial, "Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. My in-laws lost their retirement funds to a dishonest broker. He has been in the securities industry for 29 years and is currently listed with, since 6/24/2015: NATIONAL SECURITIES CORPORATION (NSC) 255 EXECUTIVE DRIVE SUITE 305 PLAINVIEW, NY 11803 If you have experienced losses due to the recommendations or actions of NATIONAL SECURITIES CORPORATION (NSC) and/or their broker, EDWARD DEICKE, contact Soreide Law Group and speak to a lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552. Non-traded REITs, are illiquid investments with substantial risk. National Securities Corporations financial advisors allegedly made unsuitable recommendations. This is a national investigation involving the sales practices and product sales of investment products to clients. In this latest dispute, Tesla, followed by news that Breach of Fiduciary Duty and Broker Negligence, In December 2016, a FINRA arbitration panel found against the is the brokerage and one of its representatives in a case involving allegations including a, This case was related to a National Securities Corporation customers purchase of a large number of shares in a company called Islet Sciences. Brokers who recommended one or more of these products to their clients include: If you invested with any of these brokers or any other broker registered with National Securities Corporation, you should Contact Peiffer Wolf Today. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Peiffer Wolf has represented thousands of victims, and we remain committed to fighting on behalf of investors. GPB Capital fraud and bad brokers cast doubt on enforcement efforts. The securities involved ownership interests in V.W. The investor alleged that a National Securities Corporations financial advisor negligently misrepresented a penny stock investment. WebIf you suffered investment losses with Mr. Ciocia through National Securities Corporation, Contact Peiffer Wolf immediately for a FREE Consultation 585-310-5140. A lawsuit filed last week in U.S. District Court for the Southern District of New York by Kay Johnson claims she was fired for her research into insider trading by Soreide Law Group is investigating possible investor claims against securities broker Wayne Ribnick (also known as Wayne Stuart Ribnick) [CRD: 2682822, Malibu, CA]. It provides investors with an opportunity to attempt to recoup their investment losses and is an alternative to filing such claims in court. FREE Consultation | 585-310-5140 If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Northstar Healthcare and AR Global NYC REIT are currently down 75% and 50% respectively. The integration of the two firms has appeared to be inevitable for some years. Finra hits National Securities with $9 million penalty - Investm Silver Law Group is a nationally recognized securities and investment fraud law firm with Martindale-Hubbell Peer Review Ratings AV rated lawyers that handle all securities arbitration matters on a contingency fee basis. On April 15th, 2015, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $20,000 for reportedly failing to disclose that the firm would receive selling compensation for a private placement that it had marketed to potential investors. WebOn June 23, 2022, FINRA announced that it had fined and sanctioned National Securities Corporation for approximately $9 million it received for underwriting 10 public offerings in The lawsuit claims that the Claimants, a married couple (FINRA Case #2009018196502). Joe Peiffer, Responsible Attorney. In two similar cases in 2007 (Case # 07-00468) and 2011 (Case #11-02908), claimants were respectively awarded $159,000 and $219,000 for making similar allegations against National Securities. In December 2016, a FINRA arbitration panel found against the is the brokerage and one of its representatives in a case involving allegations including abreach of fiduciary duty. In December 2019, a former National Securities Corporation financial advisor (Todd Joseph Heinrich) was suspended by FINRA for allegedly failing to comply with a FINRA arbitration award or settlement agreement. You will still receive a payment from this Settlement and you will give up certain legal rights. At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. Silver Law Group is a team of securities lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation. WebNational Securities Corporation Sued For Negligence. As such, financial advisors and their firms must conduct proper due diligence before making any such recommendations. failing to diversify investment portfolios. The lawsuit alleges that the Claimants have suffered significant losses during a time when the financial markets have enjoyed record returns of actual damages of no less than $80,000. In February of 2015, National Securities Corporations financial advisor John Joseph Labarca (CRD#: 2030473) was permanently barred from the securities and investment industry for allegedly committing serious misconduct, including not producing requested information and failing to cooperate with FINRA investigators. The missed interest payments and defaults, according to FINRA, should have been a red flag to National Securities Corporation of possible problems with the private placement offerings. (Case # 2011025633901). See Table 1, Worst Firms by Firms Current Brokers Histories of Resolved Customer Complaints. The Claimants, a married couple from New York, maintained accounts with the Respondent. If you have an ad-blocker enabled you may be blocked from proceeding. In addition, it is alleged that the firm filed a series of untimely and inaccurate financial entries, including repeatedly overstating its net capital for the last business day of every month, and therefore booked transactions for which there was no economic support. This is a national investigation involving the sales practices and product sales of investment products to clients. LPL's disclosure follows a crackdown by US regulators on financial firms' failure to monitor employee communications on messaging apps. Silver Law Group and Scott Silver aggressively pursued their losses until he got their money back., You and your entire staff have been wonderfully organized, professional and a delight to hear from. Plaintiffs and the Class Members claim that Defendant negligently offered and recommended securities of Beamreach Solar (f/k/a Solexel) forsale to them, without a reasonable basis. Defendant denies all of the claims and says it did not doanythingwrong. As alleged, the firm failed to identify or ignored red flags involving numerous instances of potentially suspicious securities transactions. FINRA also alleges that the firm did not maintain accurate and current books and records, as well as failed to create and maintain a system to supervise employees. The formal announcement of the merger is expected next week, so there will be more details to come, the executives said. A National Securities Arbitration & Investment Fraud Law Firm. Most non-traded REITs pay large commissions. 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