FINRA Bars Portfolio Advisors Stockbroker In Churning Investigation
Craig Landon Siegel of New York New York a stockbroker formerly registered with Portfolio Advisors Alliance LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that Siegel failed to furnish information to FINRA that was requested of him through a formal inquiry. Case No. 2018059755201 (May 10, 2019).
According to FINRA Public Disclosure, Siegel was instructed to provide information to the regulator in 2019. His failure to do so resulted in FINRA issuing him a Notice of Suspension letter on April 16, 2019 and a Suspension from Association letter on May 10, 2019. He was provided until July 19, 2019 to cooperate with the regulator or otherwise attempt to have his suspension terminated. FINRA lifted the suspension two days prior to the deadline.
FINRA Public Disclosure confirms that Siegel has been identified in two customer initiated investment related disputes concerning accusations of his misconduct when he was employed by Portfolio Advisors Alliance Inc. On August 11, 2017, a customer initiated investment related arbitration claim concerning Siegel’s activities was resolved for $20,000.00 in damages founded on accusations that the customer was defrauded. According to the claim, a fiduciary duty that was owed by the stockbroker had been breached in regard to over-the-counter equities transactions executed in the customer’s account. FINRA Arbitration No. 16-00037. According to the claim, unauthorized and unsuitable trades had been executed by Siegel. The claim also alleges that the customer’ account was churned and that Siegel’s actions were negligently supervised.
Siegel has been referenced in a customer initiated investment related arbitration claim in which the customer requested $99,300.56 in damages supported by allegations of Siegel effecting common and preferred stock and over-the-counter equity transactions that failed to be suitable for the Portfolio Advisors Alliance customer. FINRA Arbitration No. 18-01471 (Apr. 30, 2018). According to the claim, the customer’s account had been excessively traded and churned. The claim also indicates that Siegel’s activities were not supervised by the securities broker dealer.
Siegel’s employment with Portfolio Advisors Alliance was terminated on August 27, 2018.