(See: FINRA Case #2009019068201). National Securities was previously named in a 2017 Reuters report that identified 48 brokerage firms in which at least 30% of the firms brokers have red flags on their records. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois. 15 disclosures reference arbitration matters. Filed in 2020, the complaint alleges that as a representative of National Securities Corporation, Jay Sheth recommended an unsuitable private placement product. 15 disclosures reference arbitration matters. April 15, 2022 | Silver Law Group Boca Raton, FL-based National Securities Corporation has received a fine of $663,000 after FINRA found that it deceived investors from December 2017 through January 2018. NATIONAL SECURITIES CORPORATION and their registered representative (Respondents). 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. Secure .gov websites use HTTPS Contingent fee. To submit a report, please select the appropriate method from below: Report incidents as defined byNIST Special Publication 800-61 Rev 2, to include. In December 2019, a former National Securities Corporation financial advisor (Todd Joseph Heinrich) was suspended by FINRA for allegedly failing to comply with a FINRA arbitration award or settlement agreement. When such investments go bad, investors are often left with few, if any, options to recover their lost funds. We are smart, experienced, and dedicated professionals who work tirelessly for our clients and take pride in the pursuit of justice on their behalf. But one detail is that the various parts of the enterprise will now operate under the B. Riley brand. Matthew Fleissner of New York New York a stockbroker formerly employed by National Securities Corporation is This case was related to a National Securities Corporation customers purchase of a large number of shares in a company called Islet Sciences. As alleged, a National Securities Corporation supervisor approved the new accounts at the time as well. Between April 2018 and July 2018, negligently omitted to tell investors in two offerings related to GPB Capital about delays in the issuers required public filings, including audited financial statementsfor which FINRA has ordered the firm to pay restitution of more than $625,000 to those customers; Between January 2005 and April 2020, failed to obtain locates for over 33,000 short sale transactions as required by Rule 203(b)(1) of Regulation SHO under the Exchange Act; Between September 2013 and May 2017, failed to reasonably supervise one of its representatives by failing to respond to multiple red flags that he was falsifying information about customers assets and suitability information in order to avoid NSCs limits on concentration levels that applied to his non-traded real estate investment trust recommendations; and. Learn more about reprints and licensing for this article. National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. Notably, FINRA sanctioned the securities broker, who worked for NYLife Securities LLC, because Fazzone allegedly converted funds. The firm is led by Scott Silver, a former Wall Street defense attorney who has been representing customers in securities and investment fraud cases since 2002. GPB Capital Holdings, Silver law is a law firm with over 20 years experience in the FINRA arbitration and resolution process in recovering investor funds lost due to broker misconduct and mismanagement. []. As alleged, the firm failed to identify or ignored red flags involving numerous instances of potentially suspicious securities transactions. National Securities Corporation was included on this list, with Reuters finding that 34.6 percent of the companys 714 brokers had at least one piece of negative information on their record. 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. Christopher Ortiz | National Securities Corporation | GPB Capital Lawsuit Who is Christopher Ortiz? In December 2019, a former National Securities Corporation financial advisor (Todd Joseph Heinrich) was suspended by FINRA for allegedly failing to comply with a FINRA arbitration award or settlement agreement. The securities involved ownership interests in V.W. We are happy to discuss any questions related to our fees as well as different financial arrangements we can structure. You can sue National Securities Corporation for not abiding by FINRA rules. FREE Consultation | 585-310-5140 If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Some of the alleged misconduct includes: unsuitable investment recommendations, unauthorized trading, over-concentration, and churning. Plaintiffs and the Class Members claim that Defendant negligently offered and recommended securities of Beamreach Solar (f/k/a Solexel) forsale to them, without a reasonable basis. Defendant denies all of the claims and says it did not doanythingwrong. Even when the issuers of these investments failed to make timely interest payments and defaulted on principal payments, National Securities Corporation continued to allow its representatives to sell additional offerings. Anyone who invested with National Securities. 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. We are securities attorneys based in Chicago, Illinois. An official website of the U.S. Department of Homeland Security, Cybersecurity & Infrastructure Security Agency, Critical Infrastructure Security and Resilience, Information and Communications Technology Supply Chain Security, HireVue Applicant Reasonable Accommodations Process, Reporting Employee and Contractor Misconduct. (Case # 01-04480). Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. As such, financial advisors and their firms must conduct proper due diligence before making any such recommendations. The Indiana Securities Division alleged the financial advisor was not yet properly registered in Indiana when he was opening accounts with clients residing in Indiana. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights. Scott is admitted to practice in New York and Florida and the firms FINRA arbitration attorneys represents investors nationwide. The dispute went before a FINRA arbitration panel, which found in favor of the investor,awarding him $504,443.04. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. Read more about our results. Also, see Table 2, Worst Firms Ranked by Pending Customer Complaints. The article notes that this conduct creates a potential conflict of interest with National Securities brokerage clients. If you win, the lawyers fee will come out of the money awarded to you. According to FINRAs BrokerCheck reports, a sampling of stock broker complaints against specific National Securities Corporation brokers includes the following allegations: Disputes with brokerage firms are unfortunately not uncommon. Gibbs Law Groupsfinancial fraudandsecurities lawyershave more than two decades of experience prosecuting fraud. Web 78aaa et seq.) 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. Abuse or misuse of a system or data in violation of policy. EDWARD DEICKE is not named in this lawsuit. Official websites use .gov A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. According to the allegations in the lawsuit, NATIONAL SECURITIES CORPORATION (NSC) failed to disclose the high fees and commissions earned for these illiquid investment recommendations. However, FINRA arbitration offers investors a potential path to recovery of their investment losses. 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. 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. (FINRA Case #2009019068201). Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. But if no money is recovered from your claim, you will owe nothing to our team for attorneys fees or the work done on the case. Peiffer Wolf and Meyer Wilson are currently investigating claims against Christopher Ortiz of National Securities Corporation for his recommendation of GPB The formal announcement of the merger is expected next week, so there will be more details to come, the executives said. FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. FINRA Sanctions Todd [], Soreide Law Group is investigating possible investor claims against securities broker TJ Fazzone (also known as Timothy Jay Fazzone) [CRD: 1610976, Dublin, OH]. A federal court authorized this Notice. In 2018, B. Riley Financialannounced that it was purchasing a large stake in National Holdings Corp., the parent of National Securities Corp., and in 2021 B. Riley said it was buying the rest of the company shares it didnt already own. 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. | GPB Capital Lawsuit Christopher Ortiz is a registered broker with National Securities Corporation and an Investment Adviser registered with 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. WebIf you suffered investment losses with Mr. Ciocia through National Securities Corporation, Contact Peiffer Wolf immediately for a FREE Consultation 585-310-5140. After leaving Thomas H. Lee Partners in 2006, he started another firm, Lee Equity Partners, that made a handful of significant transactions in wealth management shops. The FINRA Brokercheck report also reflects the main address in Boca Raton, Florida. Data in violation of policy in Chicago, Illinois the article notes this! Because Fazzone allegedly converted funds, see Table 2, Worst firms Ranked by Customer... Lawsuit who is christopher Ortiz, investors are often left with few, if any options!, unauthorized trading, over-concentration, and churning more about reprints and licensing this. Fraud, Securities arbitration, and investor protection Law firm with offices in,! Reprints and licensing for this article month after defeating one shareholder-led Class action Lawsuit or contact Peter at. 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