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INVESTOR ALERT—Aegis Capital Corp. Financial Advisor, Michael Fasciglione, Has Thirteen Customer Complaints, And Two Regulatory Disclosures

Michael Fasciglione is a Financial Advisor at Aegis Capital in its Bayside, NY branch office.  Michael Fasciglione has been in the securities industry since 1988 and previously worked at National Securities Corp.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Paul Falcon has thirteen (13) customer complaints disclosed on his CRD, including three pending complaints, alleging sales practice violations.  Among the customer complaints include the following:

  • December 2018—”TIME FRAME: UNSPECIFIED. SUITABILITY AND BREACH OF FIDUCIARY DUTY.”  Alleged damages are $467,000 and the matter remains pending.
  • November 2018—Client alleges that investment recommendations were unsuitable.  Alleged damages are $12,703 and the matter remains pending.
  • May 2017—Client alleges “UNSUITABILITY, BREACH OF FIDUCIARY DUTY, NEGLIGENCE.”  Alleged damages are $432,020 and the matter remains pending.
  • May 2014—”SUITABILITY, BREACH OF CONTRACT, BREACH OF FIDUCIARY DUTY, NEGLIGENCE.”  The matter was settled for $525,000. 
  • April 2009—”FRAUD, BREACH OF CONTRACT, EXCESSIVE TRADING, UNSUITABILITY, AND NEGLIGENCE.”  The matter was settled for $150,000. 
  • May 2002—”CLIENT ALLEGES MISREPRESENTATION, UNAUTHORIZED TRADING, FAILURE TO SUPERVISE AND SUITABILITY.”  The matter went to a final hearing and the customer was awarded $300,000.

In addition to the customer complaint disclosures, Michael Fasciglione has been the subject of two regulatory sanctions during his career.  The first regulatory event occurred in 2004 when the New York Stock Exchange sanctioned Michael Fasciglione for “failing to supervise activities of registered representative” and other alleged violations.  The second regulatory event occurred in 2014, when Michael Fasciglione was suspended for one month and fined for allegedly failing to “TIMELY AMEND HIS FORM U4 TO DISCLOSE ONE INTERNAL REVENUE SERVICE (IRS) TAX LIEN FILED AGAINST HIM.”

For a copy of the Michael Fasciglione’s CRD, click https://brokercheck.finra.org/individual/summary/1806486#disclosuresSection

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 mwolper@wolperlawfirm.com.

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