Michael Fasciglione, Broker for Aegis Capital Corp and National Securities Corporation is the Center of Multiple Customer Disputes and Regulatory Actions
Financial Industry Regulatory Authority’s (FINRA) BrokerCheck reports that Michael Fasciglioine, currently a broker for Aegis Capital Corp. and formerly with National Securities Corporation, has been the subject of two regulatory actions and 13 customer disputes.
Regulatory Investigations and Sanctions Involving Michael Fasciglione
FINRA initiated a formal proceeding against Fasciglione and sought sanctions for the broker’s failure to update his forum U4 (Uniform Application for Securities Industry Registration or Transfer) in a timely manner. According to BrokerCheck, the broker should have amended this form to disclose a tax lien that the Internal Revenue Service (IRS) filed against him. This failure violated FINRA Rules 1122 and 2010 and Article V, Section 2 (C) of FINRA by-laws.
The matter resolved in December 2014 with Fasciglione’s Acceptance, Waiver & Consent. He accepted the one-month suspension, as sanctioned, and paid an administrative penalty/fine of $5,000
BrokerCheck also reports that earlier in Fasciglione’s career—in 2004—the New York Stock Exchange (NYSE) Division of Enforcement initiated a formal proceeding against the broker. The NYSE reported six allegations—including failure to discharge supervisory duties related to reimbursement of losses in customers’ accounts and failure to notify his employer firm of a customer complaint. NYSE’S action resulted in a penalty of censure, a two-month plenary bar, and the requirement that Fasciglione retake his qualifying exams prior to assuming a supervisory position in a securities firm, according to BrokerCheck.
Customer Disputes Involving Fasciglione
In his 32 years of experience working with 11 firms, Fasciglione has been the subject of 13 customer disputes, most of which settled, another of which resulted in a judgment, and the last of which is still pending, as of this writing.
A client of the broker alleged damages of $500,000 for Fasciglione’s alleged misrepresentation, unauthorized trading, failure to supervise, and unsuitable investments. The customer was awarded $300,000.
Other customer disputes involving Fasciglione accuse the broker of:
- Unsuitable investments
- Breach of fiduciary duty
- Breach of Contract
- Excessive trading
- Unauthorized trades
- Excessive commissions
These disputes settled for amounts ranging from $10,000 to $525,000.
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