Articles Tagged with suspension

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.

A Letter of Acceptance, Waiver and Consent (AWC) was recently accepted by Financial Industry Regulatory Authority’s (FINRA’s) Department of Enforcement from Adrian S. Lauer.  Mr. Lauer was accused of failing to disclose outside business activities on his Form U4 and to his employer.  Specifically, Mr. Lauer was accused of violating FINRA Rules 2010 (Standards of Commercial Honor and Principles of Trade) and 3270 (Outside Business Activities of Registered Persons).

It was alleged that from April 2011 through March 2014, Mr. Lauer participated in a 401(k) advisory business and worked as a webmaster for a college alumni club while employed at Securities America, Inc.  The AWC detailed that Mr. Lauer failed to disclose his participation in the advisory business, but later sought approval from the firm.  It was alleged that although the firm denied the request regarding the advisory business, Mr. Lauer also continued to participate in this business.  The AWC further detailed that while Mr. Lauer sought approval of his college alumni club activities after he had already begun participating, the firm informed him of the steps he needed to take for the firm to grant his request but he never followed the steps, still choosing to participate in the outside business activity.

The AWC detailed that as a result of his violations, Mr. Lauer consented to a 60-day suspension and a $5,000 fine.