- December 17, 2019
- David A Noyes & Co.
Luigi Mancusi (CRD # 2193040) is a Financial Advisor at David A. Noyes & Company in Lake Forest, IL. Luigi Mancusi has been in the securities industry since 1992 and previously worked at Oppenheimer & Co., Wayne Humber Investments, Vision Investment Services, Northern Trust Securities, Invest Financial, Charter One Securities, Investment Network, Forth Financial Securities, and Marketing One Securities.
Since 2002, Luigi Mancusi has been the subject of six customer complaints, including the following:
• September 2019 – “Client alleges Variable Universal Life Insurance policy was misrepresented as paid up. Policy now requires additional premium to avoid lapsing.” The alleged damages are $90,000, and the matter is currently pending.
• November 2017 – “CLAIMANT ALLEGES THAT CLAIMANT WAS PLACED IN UNSUITABLE INVESTMENTS FOR THEIR AGE AND RISK TOLERANCE, THAT SAID INVESTMENTS WERE UNAUTHORIZED AND THAT THE FA CHURNED THE ACCOUNT.” The matter settled for $25,000.
• July 2015 – “CLIENT’S ATTORNEY ALLEGES UNAUTHORIZED TRANSACTIONS TOOK PLACE IN THE CLIENT’S ACCOUNTS.” The matter settled for $60,000.
• July 2013 – “THE CLAIM ALLEGES THAT MR. MANCUSI RECOMMENDED INVESTMENTS WHICH WERE ‘COMPLETELY UNSUITABLE AND RECKLESS IN DISREGARD OF THEIR AGE, RISK TOLERANCE, AND INCOME NEEDS.’” The matter settled for $50,000.
• October 2009 – “CLIENT ALLEGES THE FOLLOWING: 1. THAT THE UITS SOLD WERE MISREPRESENTED – CLAIMING MR. MANCUSI REPRESENTED THAT UITS WERE SIMILAR TO BONDS AND WERE SAFE AND LIQUID INVESTMENTS. CLIENT FURTHER ALLEGES THAT MR. MANCUSI REPRESENTED THAT THESE UIT RECOMMENDATIONS WOULD GUARANTEE A 9% ANNUAL RETURN AND DID NOT DISCLOSE THE RISKS ASSOCIATED WITH THESE INVESTMENTS. 2. THE UIT INVESTMENTS WERE NOT CONSISTENT WITH CLIENT GOALS, AGE, RISK TOLERANCE, AND OBJECTIVES. 3. UNAUTHORIZED PURCHASES OF 2 ADDITIONAL UITS IN NOVEMBER 2007.” The matter settled for $80,000.
For a copy of Luigi Mancusi’s CRD, click https://brokercheck.finra.org/individual/summary/2193040.
In October 2017, FINRA suspended Luigi Mancusi for allegedly exercising “discretion in effecting 45 transactions in a customer’s accounts without prior written authorization from the customer to exercise discretion in these accounts and without the accounts having been approved for discretionary trading by his member firm.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2015048159201%20Luigi%20E.%20Mancusi%20CRD%202193040%20AWC%20jm.pdf%20REDACTED%20%282019-1563293969420%29.pdf.
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