Allan Perry Montalbano of Garden City New York a stockbroker formerly employed by National Securities Corporation and Worden Capital Management LLC has been identified in a customer initiated investment related arbitration claim which was resolved for $160,000.00 in damages founded on accusations of (1) breach of a contract governing the customer’s stock trades at National Securities Corporation (2) breach of a fiduciary duty that was owed to the customer by Montalbano (3) misrepresentations relating to the customer’s over-the-counter equities trades and (4) negligence which resulted in the customer’s losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-00703 (Oct. 12, 2018).
FINRA Public Disclosure indicates that Montalbano is the subject of thirteen more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including National Securities Corporation and Worden Capital Management LLC. The stockbroker is the subject of a customer initiated investment related arbitration claim which settled for $36,000.00 in damages based upon allegations of negligent misrepresentation and the breach of a fiduciary duty by Montalbano relating to the customer’s over-the-counter equities trades. FINRA Arbitration No. 16-00594 (Feb. 18, 2017).
On March 31, 2017, a customer initiated investment related arbitration claim pertaining to Montalbano’s conduct was settled for $15,000.00 in damages supported by allegations including the violation of Iowa Uniform Securities Act relating to Montalbano’s recommendations or sales of over-the-counter equities. The claim alleges a breach of both a fiduciary duty and a contractual obligation by Montalbano and alleges the stockbroker’s misrepresentations relating to the customer’s investments. FINRA Arbitration No. 17-00240. On March 1, 2018, a customer initiated investment related arbitration claim in reference to Montalbano’s conduct was resolved for $15,000.00 in damages based upon accusations that the Worden Capital Management customer’s account had been churned by Montalbano. According to the claim, stock transactions failed to be suitable for the customer. The claim also alleges that the customer was defrauded by investing through Montalbano. FINRA Arbitration No. 17-02308.
Montalbano is referenced in another customer initiated investment related arbitration claim which was settled for $165,000.00 in damages based upon allegations including breach of fiduciary duty. FINRA Arbitration No. 16-01682 (Mar. 2, 2018). According to the claim, information about over-the-counter equities had been negligently misrepresented to the customer. The claim also alleges breach of contract and negligence relating to Montalbano’s activities while registered with National Securities Corporation.
On August 27, 2018, another customer filed an investment related arbitration claim concerning Montalbano’s activities where the customer sought $280,000.00 in damages founded on accusations of the stockbroker breaching both a fiduciary duty and a contract relating to the National Securities Corporation customer’s over-the-counter equities transactions. FINRA Arbitration No. 18-02616. According to the claim, Montalbano negligently misrepresented information in reference to over-the-counter equities transactions.
On January 19, 2017, Montalbano’s registration with Worden Capital Management was terminated.
