Former Portfolio Advisors Alliance Broker, Craig Siegel, Suspended By FINRA For Failing To Respond To Request For Information
Craig L. Siegel (CRD # 5759415) was a Financial Advisor at Portfolio Advisors Alliance, LLC in New York. Craig Siegal has been in the securities industry since 2010 and previously worked at John Thomas Financial.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Craig Siegal was suspended by FINRA in April 2019 for failing “to respond to FINRA request for information.”
In addition, Craig L. Siegel has four customer complaints disclosed on his CRD, alleging the following:
- October 2018 – “Unsuitable investment recommendations, Breach of regulatory requirements, Breach of fiduciary duty, Breach of contract, Negligence and gross negligence and Churning…” The matter is currently pending.
- April 2018 – “Claimant alleges excessive trading, churning, unsuitable transactions, failure to supervise, respondeat superior.” Alleged damages are $99,300.56, and the matter is currently pending.
- August 2016 – “Claimant alleges unsuitable recommendations, unsuitable concentration, breach of fiduciary duty, breach of contract, material misrepresentation/omission, negligence, respondeat superior, failure to supervise.” Alleged damages are $240,463.93, and the matter is currently pending.
- February 2016 – “Churning; unsuitability; breach of fiduciary duty; federal securities fraud; engaging in non—authorized trades; common law fraud; negligent supervision.” The matter settled for $20,000.
For a copy of Craig Siegel’s CRD, click https://brokercheck.finra.org/individual/summary/5759415.
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.
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