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. A federal court authorized this Notice. focusing on broker-dealers that currently employ a high concentration of brokers who had red flags on their record with FINRA. 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. Malware is malicious code (e.g., viruses, worms, bots) that disrupts service, steals sensitive information, gains access to private computer systems, etc. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. The closing of the broker-dealer comes almost a month after Finra sanctioned National Securities for a variety of problems, ranging from artificially influencing the market for securities it had underwritten to negligently omitting to inform clients about GPB Capital Holdings inability to file audited financial statements for its private placements on time. failing to diversify investment portfolios. Insecure configurations, design choices, and changing environmental conditions can also cause vulnerabilities. This is a national investigation involving the sales practices and product sales of investment products to clients. Share sensitive information only on official, secure websites. 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. WebThen, on June 23, FINRA announced that it had sanctioned National Securities Corporation (NSC) approximately $9 million, including disgorgement of $4.77 million in During that time, an investor accused him ofmaking unauthorized trades data-preserver-spaces=true>and churning his brokerage account. For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit https://www.whitesecuritieslaw.com. Specifically, Financial Industry Regulatory Authority (FINRA) BrokerCheck disclosed that investors complained about the securities broker, who worked for Securities America Inc. 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. 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 new firm can move potential hires and recruits in either direction. This case was associated with a National Securities Corporation customers purchase of a large number of stock in a company called Islet Sciences. Also, see Table 2, Worst Firms Ranked by Pending Customer Complaints. 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 62 disclosures include regulatory events. Other charges against NSC included in the $9 million sanction imposed by FINRA include: Based on our experience, we believe more investors have been the victims of National Securities Corporations alleged broker misconduct and investment fraud. On October 5th, 2001, another claimant was awarded more than $145,000 after alleging that National Securities Corporation employees had engaged in breach of fiduciary duties, fraud, misrepresentation, the omission of facts, recommending unsuitable investments and failure to supervise. (FINRA Case #2009019068201). Notably, this was a penny stock. WebKevin Keane, of Chicago, Illinois, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim, which settled on June 26, 2014, for $11,800.00 in damages based upon allegations that Keane negligently handled the customers investment account, breached 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. Among the reasons for the fine include the firms disclosure failures regarding GPB Capital. National Securities Corporation Investor Fraud. WebSecurities Arbitration & Investment Fraud Lawyers - National practice. 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. An official website of the United States government. 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. You can sue National Securities Corporation for not abiding by FINRA rules. You will still receive a payment from this Settlement and you will give up certain legal rights. Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. Can I Sue My Financial Advisor forMalpractice? National Securities Corporations financial advisors allegedly made unsuitable recommendations. A private placement investment is notoriously risky for most main street type investors. Scott is admitted to practice in New York and Florida and the firms FINRA arbitration attorneys represents investors nationwide. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. The FINRA Brokercheck report also reflects the main address in Boca Raton, Florida. for its misconduct relating to a failed private placement. (Case # 2011025633901). 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. FINRA investigators discovered that the NSC failed to properly protect the best interests of their clients because its financial advisors recommended a very high-risk private placement to investors who had no business being in such an investment. 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. LPL's disclosure follows a crackdown by US regulators on financial firms' failure to monitor employee communications on messaging apps. Is this happening to you frequently? Breach of Fiduciary Duty and Broker Negligence, In December 2016, a FINRA arbitration panel found against the is the brokerage and one of its representatives in a case involving allegations including a, This case was related to a National Securities Corporation customers purchase of a large number of shares in a company called Islet Sciences. Soreide Law Group is investigating possible investor claims against securities broker Wayne Ribnick (also known as Wayne Stuart Ribnick) [CRD: 2682822, Malibu, CA]. The arbitration panel agreed with this investor, awarding $155,000. Organizations can also report anomalous cyber activity and/or cyber incidents 24/7 toreport@cisa.govor(888) 282-0870. Please disable your ad-blocker and refresh. As such, publicly censured and ordered to pay $175,000 in restitution to affected investors. 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. 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. In June of 2017, Reuters released the results of a comprehensive. Soreide Law Group works on a contingency fee and represents our clients nationwide before 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. C18-1773-RSM, United States District Court for the Western District of Washington. Filed in 2020, the complaint alleges that as a representative of National Securities Corporation, Jay Sheth recommended an unsuitable private placement product. FREE Consultation | 585-310-5140 If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Even with private placements, brokerage firms like National Securities Corporation still have a legal duty to ensure that the specific investment security in question is suitable for any of their clients that they are pushing it on. Notably, this was a penny stock. All Rights Reserved. At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. (FINRA Case #2009018196502). Gibbs Law Group attorneys have fought some of the most complex cases brought under federal and state laws nationwide, and have been recognized with numerous awards and honors for their accomplishments, includingTop 100 Super Lawyers in Northern California,Top Plaintiff Lawyers in California,The Best Lawyers in America, and ratedAV Preeminent(among the highest class of attorneys for professional ethics and legal skills). 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. (877) SEC-ATTY. The pending complaint alleges damages of $2.5 million. 62 disclosures include regulatory events. Anyone who invested with National Securities. Silver Law Group and Scott Silver aggressively pursued their losses until he got their money back., You and your entire staff have been wonderfully organized, professional and a delight to hear from. FINRA, the regulatory agency that oversees broker-dealers, has recently barred several brokers who had been working at National Securities Corporation in the past few years. The dispute went before a FINRA arbitration panel, which found in favor of the investor. While employed as a financial advisor at National Securities Corporation, Mr. Labarca was based in an office in Houston, Texas. We investigate all sales practice violations while taking into consideration the investors age, investment background, and the relationship between the investor and the brokerage firm and its financial advisor. Thats whats most exciting to me, said Charles Hastings, co-CEO of the new B. Riley Wealth Management. NATIONAL SECURITIES CORPORATION and their registered representative (Respondents). 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. 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