These four brokers have been accused of numerous infractions
National Securities Corporation has been operating for decades and has offices and brokers all over the U.S. Unfortunately, however, a significant percentage of their brokers have been involved in numerous customer complaints. Here are just a few examples of how National Securities employees have allegedly violated FINRA rules:
James Eichner began working for National Securities Corporation in March 2006. In January 2018, he was fired from the company for failing to “truthfully disclose a reportable event on internal and regulatory questionnaires, [and] violating the Firm’s Written Supervisory Procedures,” according to Eichner’s FINRA BrokerCheck report. While with National, Eichner settled five customer disputes that concerned allegations of excessive trading, fraud, and negligence, among others. Compensation awarded to customers totaled more than $275,000.
From January 2007 to September 2017, Fasciglione worked at the firm. Over that span, his BrokerCheck report shows that six customer complaints were levied against him. Allegations consisted of unauthorized trading, fraud, and churning. Four disputes were settled, with damages totaling more than $750,000. One dispute is still pending, with a former client seeking over $430,000 as a result.
Edward Vincent Mirabella, Jr.
Mirabella isn’t currently registered as a broker, but his last employer was National Securities Corporation from August 2009 to May 2016. There were three customer disputes stemming from his employment there, one of which alleged breach of contract, breach of fiduciary duty, and negligence. This case was settled for $36,000. Mirabella’s BrokerCheck report shows that the other two are still pending. One alleges unauthorized trading, with damages of $40,000 being sought. The other complaint concerns unsuitable transactions and churning, and Mirabella’s former client is seeking almost $900,000.
Upedgrove began working at National Securities in April 2009 and is still employed with the company. His BrokerCheck report shows eight customer disputes in that time frame, with allegations of unauthorized trading, misrepresentation, and high-pressure sales. Two cases are still pending, and, among other things, both contend breach of fiduciary duty. Compensation sought for one case haven’t been disclosed, but the other concerns $600,000.
Have you invested money with any of these brokers or National Securities Corporation?
Brokers and their firms have an obligation to work in the best interests of their clients, but, as the cases above illustrate, often this may not be the case. And every financial institution a broker works for has an obligation to supervise the actions of their employees and may be held liable for failing to do so.
If you lost money due to the action of these brokers or any others working for National Securities Corporation, the Silver Law Group may be able to help you recover it through securities arbitration. Call our office at 1-800-975-4345 for a free consultation. You can also get in touch through our online contact form. The Silver Law Group works on a contingency basis, so you won’t owe us a fee unless we help you get money back.