BROKER REPORT: Over Ten Customer Complaints Against Michael Fasciglione

The securities fraud attorneys at Malecki Law are interested in hearing from investors who have complaints against stockbroker Michael Fasciglione.  Mr. Fasciglione is believed to be registered with National Securities Corporation, based out of Mineola, NY.  He has also recently been registered with Oppenheimer & Co. and First Montauk Securities, according to industry records.

According to BrokerCheck, as maintained by the Financial Industry Regulatory Authority (“FINRA”), Mr. Fasciglione has been the subject of more than 10 customer complaints.  Stretching back as far as 1995, Mr. Fasciglione has been accused of recommending unsuitable investments to customers, breach of fiduciary duty, churning, excessive trading, fraud, unauthorized trading, taking excessive risk, misrepresentations, allowing a customer’s account to exceed comfortable margin balances, and charging excessive commissions, per FINRA records.

Of these customer disputes, FINRA records indicate that some customers received back tens of thousands of dollars in connection with their complaints.  One customer reportedly received back $300,000 in connection with an unauthorized trading complaint, while another reportedly received $120,000 in a suitability claim.

Mr. Fasciglione’s BrokerCheck also indicates that he has been the subject of two regulatory investigations.  In 2004, the New York Stock Exchange reportedly suspended Mr. Fasciglione for two months.  Just this past year, Mr. Fasciglione was reportedly suspended for one month and fined $5,000 for failing to timely amend his form U4, a FINRA licensing and disclosure document.

If you or a family member lost money invested with Michael Fasciglione, you are encouraged to contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.

Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.

Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.


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