Specifically, Financial Industry Regulatory Authority (FINRA) BrokerCheck disclosed that investors complained about the securities broker, who worked for Securities America Inc. NEW YORK, NY / The claim further alleges that National Securities Corporation unsuitably invested its client in the following non-traded REITs: First Capital REIT, American (Case # CO-15-8256-S). National Securities Corporations financial advisors allegedly made unsuitable recommendations. Industries. Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA. She succeeds Don Plaus, who's retiring. Use of editorial content without permission is strictly prohibited|All rights reserved, According to the firms BrokerCheck report, Senate passes anti-ESG bill; Biden threatens first veto, Wealthfront introduces individual stock picking, Annuity risk transfer sales soared in 2022, Limra says, Finra encourages brokers to increase scrutiny, controls when using finfluencers, Institutional investors lean into active management, despite trend toward passive, UBS adds pair of Merrill advisors managing $640 million, LPL facing SEC investigation into unapproved personal devices. If it can be determined that the financial advisor violated FINRA rules and the employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.". Please. 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. B. Riley Wealth has focused for the most part on hiring employee brokers and financial advisers, while National Securities focused on independent contractor reps. The Financial Industry Regulatory Authority (FINRA) alleged that the securities offerings were outside the scope of National Securities Corporation, but that the company wanted Balsamo to sell interests in the company by promising him ownership interests. 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. According to FINRAs June press release, FINRA found NSC to be in violation of numerous securities laws and asserted that NSCs conduct was aimed at artificially stimulating demand and supporting the price of the offered securities, which tended to be thinly traded, in the immediate aftermarket., In addition, FINRA ordered NSC to pay more than $625,000 in restitution for failing to disclose material information to customers who purchased GPB Capital Holdings, LLC private placements. FINRA found that between April 2018 and July 2018, the brokerage negligently omitted to tell investors in two offerings related to GPB Capital about delays in the issuers required public filings, including audited financial statements.. National Securities Corporation has been the subject of several FINRA arbitration claims which have resulted in awards to claimants. The Law Firm, at no cost to investors, will review account activity and account statements to determine whether there was any misconduct, whether there are damages and the legal causes of action. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois. You can sue National Securities Corporation for not abiding by FINRA rules. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); 2022 Peiffer Wolf Carr Kane Conway & Wise, LLP. The Division alleged the broker was not yet registered in Indiana when he opened accounts with clients residing in Indiana. This is not junk mail, an advertisement, or a solicitation from a lawyer. The missed interest payments and defaults should have been a red flag to NSC of possible problems with the offerings. 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. This is a national investigation involving the sales practices and product sales of investment products to clients. The attorneys and staff at Peiffer Wolf Carr Kane Conway & Wise produce top-quality work and our results speak for themselves. 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. As alleged, a supervisor approved the new account documents. Anyone who invested with National Securities in encouraged to get a free investment portfolio review and consultation by the investment fraud lawyers at Haselkorn & Thibaut. failing to diversify investment portfolios. Investment fraud complaints can be widespread and relate to a variety of types of broker misconduct. 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. WebGilman Law LLP, a leading national securities law firm, is now accepting claims for lawsuits on behalf of Lincoln Educational Services Corporation shareholders. The claim, filed by The White Law Group, was submitted to FINRA Dispute Resolution on behalf of a California resident alleging claims for violation of common law fraud, breach of fiduciary duty, negligence, and negligent supervision. NSC was founded in 1947 and is headquartered in Seattle, Washington, with offices in New York and Florida. FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. Free confidential consulation. Notably, FINRA sanctioned the securities broker, who worked for NYLife Securities LLC, because Fazzone allegedly converted funds. from https://investmentfraudlawyers.com/national-securities-corporation-lawsuit/, From https://investmentfrulw.tumblr.com/post/611146656555171840, At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. Some of the alleged misconduct includes: unsuitable investment recommendations, unauthorized trading, over-concentration, and churning. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. 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. While employed as a financial advisor at National Securities Corporation, Mr. Labarca was based in an office in Houston, Texas. In December 2013, a FINRA arbitration panel awarded a Colorado investormore than $219,000 in damagesfor losses related to a National Securities Corporations financial advisors recommendations that she put her money into unsuitable mutual funds. Many of the dividend payments made by non-traded REITs do not actually represent distribution of earnings from the REIT, but instead either represent debt or a return of principal. 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. Is this happening to you frequently? This is a national investigation involving the sales practices and product sales of investment products to clients. Disclaimer 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. Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. WebNational Securities Corp is now facing allegations of insider trading, retaliatory termination, sexual harassment, and gender discrimination. Gibbs Law Groupsfinancial fraudandsecurities lawyershave more than two decades of experience prosecuting fraud. Northstar Healthcare and AR Global NYC REIT are currently down 75% and 50% respectively. EDWARD DEICKE is not named in this lawsuit. Non-traded REITs do not re-price on a regular basis, are expensive, have historically been outperformed by REITs that are traded on national exchanges, and carry significant risk. (Case # 2011025633901). Notably, investors allege sales practice violations in these disputes, including that [], Soreide Law Group is investigating possible investor claims against securities broker Todd Kling (also known as Todd Franklin Kling) [CRD: 3034284, New York, NY]. The claim seeks damages between $100,000.01 and $500,000. We represent investors in FINRA arbitration claims on a contingency fee basis. 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 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. 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. (Case # 01-04480). 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. 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. Secure .gov websites use HTTPS Non-traded REITs, are illiquid investments with substantial risk. He shares the title with Mike Mullen, the former head of National Securities. We have over 50 years of experience and a 95% success rate. 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 investor alleged that a National Securities Corporations financial advisor negligently misrepresented a penny stock investment. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Even when the investment companies failed to make timely interest payments and defaulted on principal payments, National Securities Corporation continued to allow its representatives to sell additional offerings. During that time, an investor accused him ofmaking unauthorized trades data-preserver-spaces=true>and churning his brokerage account. 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. 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. 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. According to investment bank Robert A. Stanger & Co. Inc., January nontraded REIT sales to retail investors totaled just $596 million. 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. However, FINRA arbitration offers investors a potential path to recovery of their investment losses. If you win, the lawyers fee will come out of the money awarded to you. 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. , Washington, with offices in new York and Florida with claims against brokerage. 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