Craig Landon Siegel of New York New York a stockbroker formerly registered with Portfolio Advisors Alliance LLC is the subject of a customer initiated investment related arbitration claim where the customer sought unspecified compensatory damages supported by accusations that between July of 2013 and August of 2017: (1) the customer’s account was churned (2) the customer’s account was handled in a negligent manner (3) the contract governing the customer’s accounts was breached (4) fiduciary duties owed to the customer had been breached (5) regulatory rules were violated in connection with the transactions executed in the customer’s account and (6) unsuitable over-the-counter equities and stock recommendations were made to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03491 (Oct. 22, 2018).
FINRA Public Disclosure confirms that Siegel has been identified in three additional customer initiated investment related disputes containing allegations of his misconduct while employed with Portfolio Advisors Alliance Inc. Particularly, a customer initiated investment related arbitration claim concerning Siegel’s activities was resolved for $20,000.00 in damages based upon accusations that the customer’s account lacked supervision; unauthorized trades were executed in the customer’s account; fiduciary duties were breached; speculative and unsuitable transactions had been effected in the customer’s account; the customer’s account was churned; and the customer had been defrauded; all claims in regard to the activities in the customer’s account between June of 2013 and November 2015. FINRA Arbitration No. 16-00037 (Aug. 11, 2017).
Thereafter, a customer filed an investment related arbitration claim regarding Siegel’s conduct in which the customer requested $240,463.93 in damages founded on allegations of the failure to supervise; control person liability; negligence; misrepresentation; breach of contract; unsuitable concentration; and unsuitable investment recommendations concerning the customer’s equity portfolio between January of 2014 and December of 2015. FINRA Arbitration No. 16-02143 (Aug. 2, 2016).
Another customer filed an investment related arbitration claim concerning Siegel’s activities where the customer sought $99,300.56 in damages supported by accusations of excessive and unsuitable trades being effected in the customer’s account; churning of the customer’s investment portfolio; and the firm failing to supervise Siegel’s over-the-counter equities trades in the customer’s investment account between July of 2013 and December of 2016. FINRA Arbitration No. 18-01471 (Apr. 30, 2018).
Siegel’s registration with Portfolio Advisors Alliance LLC has been terminated as of August 27, 2018. Siegel’s only other brokerage firm employer, John Thomas Financial, was expelled from FINRA membership on January 6, 2016 based upon the firm failing to pay a fine FINRA assessed to the firm in an Extended Hearing Panel Decision containing findings that the firm traded ahead of customer orders; conduct violative of FINRA Rules 2010 and 5230. Department of Enforcement v. John Thomas Financial Inc. et al. Disciplinary Proceeding No. 20120334673-01 (Jan. 9, 2015).
