Web 78aaa et seq.) Among the reasons for the fine include the firms disclosure failures regarding GPB Capital. Notably, FINRA sanctioned the securities broker, who worked for NYLife Securities LLC, because Fazzone allegedly converted funds. Lawsuit Filed Against National Securities Corporation for Investment Losses. Need CISA's help but don't know where to start? 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. Scott Silver zealously handled the matter, recovering my losses., I almost lost a lifetime of earnings after trusting the wrong person. See Table 1, Worst Firms by Firms Current Brokers Histories of Resolved Customer Complaints. 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. The attorneys and staff at Peiffer Wolf Carr Kane Conway & Wise produce top-quality work and our results speak for themselves. The integration of the two firms has appeared to be inevitable for some years. In 2018, B. Riley Financial announced that it was purchasing a large stake in National Holdings Corp., the parent of National Securities Corp., and in 2021 B. Riley said it was buying the rest of the company shares it didnt already own. The firm was also alleged to have failed to report settlements of customer FINRA dispute resolution claims for damages exceeding $15,000 within the required time period. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. National Securities Corporation Investor Fraud. Anyone who invested with National Securities Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. Hospitality Investors Trust REIT Lawsuits, National Securities Corporation Investigation, Northstar Financial Services (Bermuda) Investigation, Clark Harris and Sigma Financial Corporation Investigation, Stephen Swensen Ponzi Scheme Investigation, Credit Suisses actions caused DGAZ to become completely dislocated from the index. Securities Corporation, you may have a legal claim. Anyone who invested with National Securities in encouraged to get a free A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. According to the firms BrokerCheck report, National Securities, which is based in Boca Raton, Florida, and has 574 registered reps and advisers, filed its termination requested paperwork with the Financial Industry Regulatory Authority Inc. and has moved its advisers into B. Riley Wealth Management. 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. The article notes that this conduct creates a potential conflict of interest with National Securities brokerage clients. In 2018, B. Riley Financialannounced that it was purchasing a large stake in National Holdings Corp., the parent of National Securities Corp., and in 2021 B. Riley said it was buying the rest of the company shares it didnt already own. Thats whats most exciting to me, said Charles Hastings, co-CEO of the new B. Riley Wealth Management. Investors should be aware that the current (February 2020). 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. We are happy to discuss any questions related to our fees as well as different financial arrangements we can structure. Can I Sue My Financial Advisor forMalpractice? 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. GPB Capital fraud and bad brokers cast doubt on enforcement efforts. To settle the matter, National Securities agreed to pay: disgorgement of $4.8 million in net profits it received for underwriting the 10 public offerings; $625,000 in restitution for failing to disclose material information in 2018 to customers who purchased GPB Capital Holdings private placements; and a $3.6 million fine for this misconduct and various other supervisory and operational violations. A settlement has been proposed in a class action lawsuit against National Securities Corporation(Defendant) in regard to the Series D, Series D-1, and Series D-2 Beamreach Solar (f/k/a Solexel) (Beamreach) security offerings through Defendant. WebPeiffer Wolf and Meyer Wilson are currently investigating claims against Joseph Gileno of Sovereign Global Advisors LLC and National Securities Corporation for his recommendation of GPB Capital Holdings funds and potentially other alternative investments. The lawsuit alleges that the losses they suffered were sustained because the Respondent mishandled the Claimants assets by failing to properly allocate and diversify the Claimants life savings. The investor alleged that a National Securities Corporations financial advisor negligently misrepresented a penny stock investment. In February of 2015, National Securities Corporations financial advisor John Joseph Labarca (CRD#: 2030473)was permanently barred from the securities industry for allegedly committing serious misconduct, including failing to produce requested documents and failing to cooperate with FINRA investigators and enforcement staff. 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. If you invested with brokers at National Securities Corporation, Contact Peiffer Wolf immediately for a FREE Consultation. In August 2018, Reuters published a report noting that in late 2016 Fortress Biotech acquired a controlling stake in National Securities parent company, National Holdings, and has since used the brokerage firm to raise money for some of Fortresss high-risk bio-tech companies. This is a national investigation involving the sales practices and product sales of investment products to clients. EDWARD DEICKE is not named in this lawsuit. FREE Consultation | 585-310-5140 If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. |Legal & Advertising Disclaimers. National Securities Corporation has been the subject of many regulatory matters. Of approximately 70 FINRA disclosures, at least 15 are customer initiated arbitrations against the firm. Silver Law is actively investigating several current and former National Securities advisors. The lawsuit claims that the Claimants, a married couple Webmaintains your account, National Financial Services at (800) 801-9942 and COR Clearing LLC at (800) 811-3487 for instructions on how they may assist you by providing prompt 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. In March of 2003, a case with the same allegations resulted in the claimant being awarded more than $80,000. This is a national investigation involving the sales practices and product sales of investment products to clients. The White Law Group announces the filing of a FINRA arbitration claim against National Securities Corporation involving high-risk non-traded REITs. Northstar Healthcare and AR Global NYC REIT are currently down 75% and 50% respectively. 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. 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 was founded in 1947 and is headquartered in Seattle, Washington, with offices in New York and Florida. Defendant denies all of the claims and says it did not doanythingwrong. 62 disclosures include regulatory events. 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. National Securities Corporation alledgely failed to conduct adequate due diligence of private placements investment it offered. Federal judge in our Chase lawsuit (resulting in $100 million settlement): They fought tooth and nail, down to the wire to achieve the best settlement that they could under the circumstances.. (Case # CO-15-8256-S). On December 4th, 2014, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured and fined $35,000 for allegedly filing late paperwork with FINRA, as well as reclassifying customer complaints as sales practice violations. The Finra settlement dealt with a lot of legacy issues and it was important to close that door prior to the integration with B. Riley, Mullen said. You can sue National Securities Corporation for not abiding by FINRA rules. According to the allegations in the lawsuit, NATIONAL SECURITIES CORPORATION (NSC) failed to disclose the high fees and commissions earned for these illiquid investment recommendations. National Securities Corporation has been the subject of several FINRA arbitration claims which have resulted in awards to claimants. Notably, this was a penny stock. The arbitration panel agreed with this investor, awarding $155,000. This is a national investigation involving the sales practices and product sales of investment products to clients. Share sensitive information only on official, secure websites. At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. According to the article, some of the Fortress companies promoted by National Securities brokers include: If you invested in any of these companies based on the recommendation of your National Securities Broker, you may have a legal claim. National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and ordered to pay restitution of $175,000 for failing to have reasonable grounds to believe that private placements offered by Provident Royalties, LLC and Medical Capital Holdings, Inc. were suitable for any customer. In this latest dispute, Tesla, followed by news that WebGilman Law LLP, a leading national securities law firm, is now accepting claims for lawsuits on behalf of Lincoln Educational Services Corporation shareholders. Northstar Healthcare and AR Global NYC REIT are currently down 75% and 50% respectively. Related Topics: If you have an ad-blocker enabled you may be blocked from proceeding. View all posts by Meredith Davis. 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 (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. This case was related to a National Securities Corporation customers purchase of a large number of shares in a company called Islet Sciences. (877) SEC-ATTY. As alleged, a National Securities Corporation supervisor approved the new accounts at the time as well. FINRA Sanctions Fazzone For Conversion [], Phone: 1-888-760-6552Fax: 1-954-760-6553Email: info@securitieslawyer.com, 2401 E. Atlantic Blvd., Suite 305, Pompano Beach, FL 33062, Copyright 2022 Soreide Law Group, PLLC | All Rights Reserved, Investors File Disputes About Wayne Ribnick. 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. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. Attorney Advertising. The Division alleged the broker was not yet registered in Indiana when he opened accounts with clients residing in Indiana. 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. 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. GPB Capital Holdings, LLC private placements. Dedicated to the representation of investors in claims against their financial professional or brokerage firm, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions. Ginzkey v National Securities Corporation, Case No. Read About Another Private Placement Lawsuit GPB Capital Lawsuit GPB Ponzi Scheme. Also, see Table 2, Worst Firms Ranked by Pending Customer Complaints. (Case # 03-01071). Even with private placements, brokerage firms like National Securities Corporation still have a legal duty to ensure that the specific investment in question is suitable for any of their clients that they are pushing it on. 2023 InvestmentNews LLC. 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 breach of fiduciary duty. If you are/were a client of a broker registered with National Securities Corporation, Contact Us Today by calling 585-310-5140 or by filling out an online contact form for a FREE Consultation. Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. We are a nationwide litigation law firm that represents individuals and entities who have been the victims of negligence, fraud or the misconduct of powerful interests. The new firm can move potential hires and recruits in either direction. Read more about our results. 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. Write to the Court with reasons why you do not agree with the Settlement. An official website of the United States government. 62 disclosures include regulatory events. Peiffer Wolf Carr & Kane The State of Indiana Securities Division and National Securities Corporation entered into an Order of Consent and agreed in December 2013 to a fine for failure to properly supervise a financial advisor doing business in Indiana. 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. C18-1773-RSM, United States District Court for the Western District of Washington. The White Law Group is a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida. The post National Securities Corporation Lawsuit appeared first on Investment Fraud Lawyers. 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