FINRA Bars National Securities Corp Stockbroker
Vincent James Mazza of Jersey City New Jersey a stockbroker employed by National Securities Corporation has been barred by Financial Industry Regulatory Authority (FINRA) from associating with any member in any capacity founded on accusations of the stockbroker’s failure to comply with the regulator’s request for information. Case No. 2018060932001 (Oct. 28, 2019).
FINRA Public Disclosure confirms that Mazza was initially suspended for his lack of compliance with FINRA’s request for information. The stockbroker was provided three months from the date that he was notified of his suspension to seek that it be terminated. Mazza failed to request this termination by the October 27, 2019 deadline.
FINRA Public Disclosure reveals that Mazza is referenced in six customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including Kovack Securities Inc. and National Securities Corp. A customer initiated investment related arbitration claim involving Mazza’s conduct was settled for $9,000.00 in damages. According to the claim, the stockbroker used unfair and deceptive practices to induce the Kovack Securities customer’s over-the-counter equities transactions. The claim also alleged breach of contract and the violation of state fraud statutes.
Mazza is also referenced in a customer initiated investment related arbitration claim which was settled for $47,500.00 in damages supported by allegations including negligence and the breach of contractual and fiduciary obligations concerning private placements and over-the-counter equities transactions effected when Mazza was associated with National Securities Corp.
On December 6, 2018, a customer filed an investment related civil action in the Superior Court of New Jersey where the customer sought $400,000.00 in damages. Civil Action No. HUD-L-4771-18. The civil action alleged breach of fiduciary duty and unauthorized trading of over-the-counter equities in the customer’s National Securities Corp account by Mazza.
This case almost resulted in the end or mandatory securities arbitration in New Jersey.
The claim also alleged that Mazza’s transactions violated New Jersey securities laws. Mazza’s employment with National Securities Corp has been terminated on December 18, 2018.