Official websites use .gov At issue is the price of shares offered in a private placement. Write to the Court with reasons why you do not agree with the Settlement. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. Peiffer Wolf Carr & Kane Our lawyers will guide you through every step of the arbitration process with personal and professional support. If you have an ad-blocker enabled you may be blocked from proceeding. Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. The lawsuit alleges that the Claimants have suffered significant losses during a time when the financial markets have enjoyed record returns of actual damages of no less than $80,000. Hospitality Investors Trust REIT Lawsuits, National Securities Corporation Investigation, Northstar Financial Services (Bermuda) Investigation, Clark Harris and Sigma Financial Corporation Investigation, Stephen Swensen Ponzi Scheme Investigation, Credit Suisses actions caused DGAZ to become completely dislocated from the index. On April 15th, 2015, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $20,000 for reportedly failing to disclose that the firm would receive selling compensation for a private placement that it had marketed to potential investors. Ohio National Life Lawsuit and RebatingAllegations, https://investmentfraudlawyers.com/national-securities-corporation-lawsuit/, https://investmentfrulw.tumblr.com/post/611146656555171840. GPB Capital Holdings, A lock (LockA locked padlock) or https:// means youve safely connected to the .gov website. WebThen, on June 23, FINRA announced that it had sanctioned National Securities Corporation (NSC) approximately $9 million, including disgorgement of $4.77 million in However, FINRA arbitration offers investors a potential path to recovery of their investment losses. The Indiana Securities Division alleged the financial advisor was not yet properly registered in Indiana when he was opening accounts with clients residing in Indiana. Need CISA's help but don't know where to start? An official website of the United States government. In December 2013, a FINRA arbitration panel awarded a Colorado investormore than $219,000 in damagesfor losses related to a National Securities Corporations financial advisors recommendations that she put her money into unsuitable mutual funds. Haselkorn & Thibaut (InvestmentFraudLawyers.com) is currently investigating National Securities Corporation for allegations of financial advisor malpractice. Reuters reported the results of a comprehensive investigative report in 2017 that focused on broker-dealers and investment firms that currently employ a high concentration of financial advisors and brokers who had red flags on their record with FINRA. The dispute went before a FINRA arbitration panel, which found in favor of the investor,awarding him $504,443.04. See Table 1, Worst Firms by Firms Current Brokers Histories of Resolved Customer Complaints. Less than a month after defeating one shareholder-led class action securities fraud lawsuit, another has begun. 15 disclosures reference arbitration matters. Joe Peiffer, Responsible Attorney. The firm is actively investigating shareholder claims that the Company violated federal securities laws by issuing materially false and misleading statements during the Class Period. 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. This case was associated with a National Securities Corporation customers purchase of a large number of stock in a company called Islet Sciences. The FINRA arbitration panel agreed with this investor, awarding$155,000. For complete details,view the Class Action Settlement Agreement and Release (Settlement Agreement), available in the. Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against (Respondent), NATIONAL SECURITIES CORPORATION (NSC). For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit. She succeeds Don Plaus, who's retiring. National Investment Fraud Lawyers - No Recovery, No Fee -Call Us 1-800-856-3352, Investment Fraud Lawyers | Financial Advisor Fraud | SEC & FINRA Attorneys, Offices in Florida, New York, Arizona, Texas & North Carolina, Copyright 2023 Investment Fraud Lawyers, Call Now for a FREE Consultation 1-800-856-3352, Haselkorn and Thibaut, InvestmentFraudLawyers.com, specialize in fighting for investors nationwide and have offices in Florida, New York, North Carolina, Arizona, and Texas. The firm, which has been a deal-making machine since it launched in 2004, will go private as a result of its acquisition by private equity manager Clayton Dubilier & Rice. As alleged, the firm failed to identify or ignored red flags involving numerous instances of potentially suspicious securities transactions. 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. According to the article, some of the Fortress companies promoted by National Securities brokers include: If you invested in any of these companies based on the recommendation of your National Securities Broker, you may have a legal claim. The Settlement provides two types of benefits to Class Members: 1) payment of between approximately 10% or 40% of your investment amount in Beamreach, totaling $4,650,000 for the entire Class on a gross basis before deduction of attorneys fees, costs, and class administrative expenses, depending on whether you invested in the Series D Preferred Stock; Series D-1 Preferred Stock; or the Series D-2 Note Offering; and 2) two years of commission-free brokerage services from Defendant (or any acquiring firm should Defendant cease offering brokerage services), commencing at a date certain. We are securities attorneys based in Chicago, Illinois. 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. The investor alleged that a National Securities Corporations financial advisor negligently misrepresented a penny stock investment. 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. FINRA Sanctions Todd [], Soreide Law Group is investigating possible investor claims against securities broker TJ Fazzone (also known as Timothy Jay Fazzone) [CRD: 1610976, Dublin, OH]. 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. Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, TampaSt. The arbitration panel agreed with this investor, awarding $155,000. If you invested with brokers at National Securities Corporation, Contact Peiffer Wolf immediately for a FREE Consultation. The firm was also alleged to have failed to report settlements of customer FINRA dispute resolution claims for damages exceeding $15,000 within the required time period. Design a site like this with WordPress.com. This is a national investigation involving the sales practices and product sales of investment products to clients. (A Broker Comment on the complaint reads in part: The losses claimed are false and registered representative Peiffer Wolf has begun an investigation into the brokers at National Securities Corporation. We are a nationwide litigation law firm that represents individuals and entities who have been the victims of negligence, fraud or the misconduct of powerful interests. Matthew Fleissner of New York New York a stockbroker formerly employed by National Securities Corporation is Many of our clients have lost a significant portion of their net worth as the result of the negligence of their financial professional. For more information about The White Law Group call our Chicago office at 312-238-9650 or visit us on the web at http://www.whitesecuritieslaw.com. WebOn December 4th, 2014, National Securities Corporation (CRD #7569, Seattle, Washington) submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured Anyone who invested with National Securities Investors should be aware that the current (February 2020) FINRA Brokercheck report reflects 79 total disclosures. National Securities Corporation has been the subject of many regulatory matters.Of approximately 70 FINRA disclosures, at least 15 are customer initiated arbitrations against the firm.Silver Law is actively investigating several current and former National Securities advisors. He shares the title with Mike Mullen, the former head of National Securities. WebThe Settlement provides two types of benefits to Class Members: 1) payment of between approximately 10% or 40% of your investment amount in Beamreach, totaling Non-traded REITs do not re-price on a regular basis, are expensive, have historically been outperformed by REITs that are traded on national exchanges, and carry significant risk. He was named to the Top 40 Under 40 by Daily Journal and a Rising Star in Class Actions by Law360. At Selachii, our tenacious, commercially-minded solicitors provide expert advice and assistance in all manner of investment fraud matters. Silver Law Group is a team of securities lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation. 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 National Securities Corporation Investor Fraud. WebOn June 23, 2022, FINRA announced that it had fined and sanctioned National Securities Corporation for approximately $9 million it received for underwriting 10 public offerings in A federal court authorized this Notice. 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. 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. 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. Several of them have allegedly recommended NYC REIT, Phillips Edison REIT, AFIN REIT, GWGs L Bonds, Franklin Income Fund, GPB, and potentially other alternative investments to investors. While employed as a. data-preserver-spaces=true>and churning his brokerage account. If you received a notification from Defendant, you may be included in this Settlement as a ClassMember.. 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