National Securities Sued Unsuitable Investment Advice
Michael Fasciglione of Mineola New York a stockbroker formerly registered with National Securities Corp is the subject of a customer initiated investment related written complaint on January 15, 2020 in which the customer requested $123,000.00 in damages based upon allegations that the customer had been placed into a unsuitable real estate investments by Fasciglione during the time that he was associated with National Securities Corp.
Fasciglione is referenced in twelve more customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including Josephthal Co. Inc., National Securities Corp and Aegis Capital Corp. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer initiated investment related arbitration claim involving Fasciglione’s conduct resulted in the customer being awarded $300,000.00 in compensatory damages based upon Fasciglione and Josephthal being found liable for causing the customer’s losses. According to the claim, a fiduciary duty that was owed to the customer had been breached. Trades that were placed in the customer’s account by the stockbroker were neither suitable nor authorized by the customer.
Fasciglione is also referenced in a customer initiated investment related complaint which was resolved on January 16, 2018 for $15,000.00 in damages founded on accusations that misrepresentations were made by the stockbroker in reference to a real estate security that he sold to the customer while employed by National Securities Corp.
On December 20, 2018, a customer filed an investment related arbitration claim pertaining to Fasciglione’s conduct in which the customer requested $467,000.00 in damages supported by allegations of the breach of a fiduciary duty by Fasciglione with respect to the sale of an inappropriate real estate security to the National Securities Corp customer. FINRA Arbitration No. 18-04200.
Fasciglione is also referenced in a customer initiated investment related arbitration claim which was resolved for $135,000.00 in damages based upon accusations that the National Securities Corp customer had been placed into a bad alternative investment by Fasciglione. FINRA Arbitration No. 18-01146 (June 3, 2019). The claim alleges negligence and breach of a fiduciary duty by Fasciglione.
The stockbroker is also the subject of a customer initiated investment related arbitration claim where the customer sought $250,000.00 in damages based upon accusations including breach of fiduciary duty and breach of contract with regard to private placements including structured products sold to the customer by Fasciglione when he was associated with National Securities Corp and Aegis Capital Corp. FINRA Arbitration No. 19-02874 (Sept. 25, 2019). According to the claim, private placements failed to be suitable for the customer and information pertaining to securities transactions had been misrepresented by the stockbroker.
Fasciglione’s registration with National Securities Corp has been terminated as of September 29, 2017. He has been registered with Aegis Capital Corp since September 13, 2017.