David A. Noyes & Company Financial Advisor, Luigi Mancusi, Has Six Customer Complaint Disclosures On His BrokerCheck Report
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.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct