Bernardo Misseri (also known as Brendan Misseri) of Staten Island New York a stockbroker employed by Legend Securities has been suspended by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity founded on accusations that the stockbroker failed to comply with a customer initiated investment related arbitration award or settlement agreement or otherwise confirm his compliance with the regulator. Case No. 15-00802 (Sept. 16, 2019).
This is not the first time that Misseri has been sanctioned by a securities regulator. He has been suspended by National Association of Securities Dealers (NASD) according to a Decision and Order of Offer of Settlement based upon findings of the stockbroker engaging in private securities transactions in violation of NASD Conduct Rules 2110 and 3040. He was also suspended by FINRA on January 31, 2017 according to an Order of Offer of Settlement containing findings that he failed to make required regulatory disclosures.
Misseri is the subject of eight customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including J.P. Turner Company LLC and Legend Securities. FINRA Public Disclosure indicates that a customer filed an investment related complaint pertaining to Misseri’s conduct in which the customer requested $14,500.00 In damages based upon allegations of unauthorized over-the-counter equities trades. On April 15, 2016, a customer initiated investment related arbitration claim in reference to Misseri’s conduct was resolved for $45,000.00 in damages based upon accusations that trades were effected by Misseri without customer consent during the period in which the stockbroker was associated with Legend Securities. FINRA Arbitration No. 15-01904.
Misseri is also named in a customer initiated investment related arbitration claim in which the customer was awarded $110,622.95 in damages and $629,241.78 in punitive damages based upon Misseri and Legend Securities being found liable for causing the customer’s losses. FINRA Arbitration No. 15-00802 (June 25, 2019). Misseri was found liable by the FINRA Arbitration Panel for having churned the customer’s account. The Panel also determined that fraudulent misrepresentations or omissions had been made by the stockbroker with regard to commissions or mark-ups charged to the customer. Misseri also breached his fiduciary duty to the customer and violated Florida law.
Misseri’s employment with Legend Securities was terminated on December 2, 2016. FINRA Public Disclosure reveals that Misseri has been associated with four different securities broker dealers which have been either expelled by regulators for violation of federal securities laws or are otherwise defunct.
