ARBITRATION ATTORNEYS UNCOVER SECRET ARRANGEMENT: HOW MANY CASES MUST BE VACATED NOW, FINRA? The investor alleged that a National Securities, In February of 2015, National Securities Corporations financial advisor John Joseph Labarca (, was permanently barred from the securities industry for allegedly committing serious misconduct, including failing to produce requested documents and failing to cooperate with FINRA investigators and enforcement staff. B. Riley Financial, Notably, this was a penny stock. Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. But one detail is that the various parts of the enterprise will now operate under the B. Riley brand. 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 article notes that this conduct creates a potential conflict of interest with National Securities brokerage clients. 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. The dispute went before a FINRA arbitration panel, which found in favor of the investor,awarding him $504,443.04. In 2011, National Securities Corporation was ordered to pay $175,000 in restitution to affected investors for its misconduct relating to a failed private placement. Can I Sue My Financial Advisor forMalpractice? The lawsuit states that the Respondents actions have caused the Claimants alleged damages of approximately $1,000,000.00 The lawsuit allegations are as follows: negligence, breach of fiduciary duty, negligent supervision, breach of contract, fraud, and violation of Floridas Investor Protection Act 517. Scott focuses his law practice on securities arbitration and litigation and plaintiff-side class action litigation, representing individual investors and institutions in claims against brokerage firms, investment advisors, commodities firms, hedge funds and others. NSC has a long list of companies for which it has served as an underwriter in public securities offerings, some of which have been delisted or fallen significantly in share value. B. Riley Wealth has focused for the most part on hiring employee brokers and financial advisers, while National Securities focused on independent contractor reps. He shares the title with Mike Mullen, the former head of National Securities. In 2011, National Securities Corporation waspublicly censured and ordered to pay $175,000 in restitution to affected investorsfor its misconduct relating to a failed private placement. 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. In two similar cases in 2007 (Case # 07-00468) and 2011 (Case #11-02908), claimants were respectively awarded $159,000 and $219,000 for making similar allegations against National Securities. Attempts to gain unauthorized access to a system or its data, Unwanted disruption or denial of service, or. National Securities Corporations financial advisors allegedly made unsuitable recommendations. EDWARD DEICKE is not named in this lawsuit. 62 disclosures include regulatory events. Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. Marc Anthony Arena of Westbury Connecticut a stockbroker formerly employed by National Securities Corporation is referenced in a customer initiated investment related arbitration claim which was settled for $400,000.00 in damages supported by allegations that (1) Arena breached In February of 2015, National Securities Corporations financial advisor John Joseph Labarca (CRD#: 2030473)was permanently barred from the securities industry for allegedly committing serious misconduct, including failing to produce requested documents and failing to cooperate with FINRA investigators and enforcement staff. The FINRA dispute went before a FINRA arbitration panel, which found in favor of the investor, awarding him $504,443.04. 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. Allegedly, the Respondent and their Financial Advisor, EDWARD PAUL DEICKE (EDWARD DEICKE) recommended speculative non-traded REITs such as Northstar Healthcare and the AR Global NYC REIT. The dispute went before a FINRA arbitration panel, which found in favor of the investor. Anyone who invested with National Securities Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. If you invested in a GPB or another product through National Securities Corporation, you may have a legal claim. The lawsuit alleges that the losses they suffered were sustained because the Respondent mishandled the Claimants assets by failing to properly allocate and diversify the Claimants life savings. The missed interest payments and defaults should have been a red flag to NSC of possible problems with the offerings. In November 2014, National Securities Corporation was censured and fined $60,000 by the Securities and Exchange Commission for executing a solicited sales transaction in Puerto Rican non-investment grade, or junk bonds, below the $100,000 minimum denomination of the issue established by the issuer, Puerto Rico. CISA provides secure means for constituents and partners to report incidents, phishing attempts, malware, and vulnerabilities. The securities attorneys A lawsuit filed last week in U.S. District Court for the Southern District of New York by Kay Johnson claims she was fired for her research into insider trading by Securities Corporation, you may have a legal claim. (A Broker Comment on the complaint reads in part: The losses claimed are false and registered representative Before recommending an investment, a broker-dealer has a fiduciary duty to adequately disclose the risks involved in the investment and to perform the necessary due diligence to determine whether the investment is suitable for the investor. The claim further alleges that National Securities Corporation unsuitably invested its client in the following non-traded REITs: First Capital REIT, American YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT. FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. 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.. She received her law degree from American University in 2005. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Through these various firms, NSC has underwritten a large number of securities offerings for companies, some of which have either failed or have disappointed investors thus far. We have a proven track record helping creditors and investors recover funds, both in the UK and abroad, with particular expertise in cases involving bitcoin scams and binary option trading fraud. At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. Notably, this was a penny stock. A private placement investment is notoriously risky for most main street type investors. Both National Securities and B. Riley Wealth Management used Fidelitys National Financial Services as a clearing firm, so transferring client accounts was a seamless task, executives said in an interview Friday morning. 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. 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. Attorney Advertising. Our lawyers will guide you through every step of the arbitration process with personal and professional support. If you win, the lawyers fee will come out of the money awarded to you. WebGilman Law LLP, a leading national securities law firm, is now accepting claims for lawsuits on behalf of Lincoln Educational Services Corporation shareholders. Organizations can also report anomalous cyber activity and/or cyber incidents 24/7 toreport@cisa.govor(888) 282-0870. We have over 50 years of experience and a 95% success rate. In October 2017, Financial Advisor Magazine published Firm Does What FINRA Wont: Rates 30 Worst Brokerage Firms (10/24/17). A private placement investment is notoriously risky for most main street type investors. Some National Securities brokers who were recently barred, or have had other disclosures in their FINRA Broker Check reports, include: According to the 2018 Reuters report, based on 136 pages of disclosures, a sampling of the allegations against National Securities Corporation includes: According to FINRAs BrokerCheck report, NCS has 82 disclosures as of June 2022, with similar complaints and allegations. Related Topics: 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. Ginzkey v National Securities Corporation, Case No. This means that you will not have to pay an hourly rate or pay out-of-pocket in advance for legal representation. []. According to securities industry rules and regulations, unsuitable investment advice, securities concentration, fraudulent misrepresentations and omissions of material facts, breach of fiduciary duty, conflicts of interest, variable annuity switching are among the causes of action that may be available to investors in claims for damages against brokerage firms and their financial advisors in a securities arbitration claim filed with the Financial Industry Regulatory Authority (FINRA). 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. The State of Indiana Securities Division and NSC signed an Order of Consent and agreed to a fine in December 2013 for failure to supervise a broker doing business in Indiana. The firm has successfully litigated against some of the largest companies in the United States, and has recovered more than a billion dollars on clients behalf. NSC also has several affiliates or related businesses, including Osage Investments, Inc., VFinance Investments, Inc. and National Asset Management, Inc., National Holdings Corporation and Gilman Ciocia. Allegedly, Kling made excessive trades. Peiffer Wolf and Meyer Wilson are currently investigating claims against Christopher Ortiz of National Securities Corporation for his recommendation of GPB Christopher Ortiz | National Securities Corporation | GPB Capital Lawsuit Who is Christopher Ortiz? A settlement has been proposed in a class action lawsuit against National Securities Corporation(Defendant) in regard to the Series D, Series D-1, and Series D-2 Beamreach Solar (f/k/a Solexel) (Beamreach) security offerings through Defendant. 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