Michael Siegel Suspended and then Permanently Barred by FINRA

The New Jersey broker faces an assortment of serious allegations

Michael Siegel is no longer allowed to have anything to do with any member firms of the Financial Industry Regulatory Authority (FINRA). First suspended in July of 2016, Siegel was later permanently barred by FINRA for failing to respond to the agency’s request for information.

Beginning with Broadway Financial Investment Securities Corp. in 1989, over the next three decades, Siegel was registered with firms in St. Louis, San Diego, and New York City. Primarily, though, he conducted business out of New Jersey, last working for National Securities Corporation in Edison in May of 2016.

FINRA was seeking information from Siegel due to a client’s allegations that included misrepresentation, fraud, unsuitability, theft/forgery, and churning that took place from 2013 to 2016. The client sought over $2 million in damages.

Churning is a fraudulent action in which a broker makes trades excessively for the express purpose of garnering more commissions. If a broker makes investments only so they or the brokerage firm can profit through extra commissions or fees, this is considered a conflict of interest as well as a breach of fiduciary duty.

Siegel’s BrokerCheck report offers more details about the allegations against him and FINRA’s final ruling.

Did Michael Siegel handle any of your investments? If so, it is possible that you lost money as a result of his actions, and it is also possible that you may be able to recover your losses through securities arbitration or other legal avenues.

To find out, get in touch with the Silver Law Group. Our attorneys are experts in the field of securities arbitration and financial fraud, and Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group. We represent people who have been harmed as the result of fraudulent activity, and we’d be happy to review your rights and any applicable legal options.

For a free consultation, give us a call at 954.755.4799 or fill out our online contact form. The Silver Law Group is a contingency-based law firm, so we are paid only if you recover money.