Michael Fasciglione of Mineola, New York, a stockbroker formerly registered with National Securities Corp., is the subject of a customer initiated investment related written complaint on May 15, 2017, in which the customer requested $23,000.00 in damages based upon allegations of misrepresentation and suitability concerning alternative investments effected in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Fasciglione has been identified in eleven more customer initiated investment related disputes pertaining to allegations of his wrongdoing during the time that he was associated with National Securities Corp, First Montauk Securities Corp, Josephthal & Co., Inc., Oppenheimer & Co. Inc., and Continental Broker-Dealer Corp. Specifically, a customer was awarded $300,000.00 in damages according to an investment related arbitration claim involving Fasciglione’s misconduct, which contained findings of unauthorized trading, misrepresentation, and suitability relating to stock and mutual fund transactions effected in the customer’s account. New York Stock Exchange (NYSE) Arbitration No. 2002-0105 (Feb. 6, 2003).
On November 28, 2005, a customer filed an investment related complaint involving Fasciglione’s conduct, alleging that the customer’s unit investment trust holdings were churned. Then, on November 6, 2007, a customer filed an investment related written complaint regarding Fasciglione’s activities, where the customer sought $6,000.00 in damages supported by accusations that Fasciglione effected unsuitable and unauthorized over-the-counter equities transactions in the customer’s account. Another customer filed an investment related written complaint involving Fasciglione’s conduct, which was resolved for $15,000.00 in damages founded on allegations of breach of contract, breach of fiduciary duty and fraud in regard to the customer’s 1031 Exchange private placement transaction. FINRA Arbitration 08-04146 (Mar. 31, 2010).
Further, an arbitration claim regarding Fasciglione’s activities was resolved for $150,000.00 in damages supported by allegations of suitability, excessive trading, negligence, breach of contract, and fraud in regard to the customer’s over-the-counter equity portfolio. FINRA Arbitration No. 08-002003 (Aug. 6, 2009). Moreover, on September 28, 2012, a written complaint involving Fasciglione’s conduct was settled for $80,000.00 in damages resting on accusations that the customer’s investment portfolio was churned, and unsuitable real estate security and mutual fund transactions had been effected in the customer’s account.
Additionally, a customer initiated investment related arbitration claim involving Fasciglione’s conduct was settled for $525,000.00 in damages founded on allegations that Fasciglione effected transactions in the customer’s account which were not suitable for the customer; breached his fiduciary and contractual duties to the customer; and negligently executed private placement transactions. FINRA Arbitration No. 14-01268 (Jan. 20, 2016).
Fasciglione’s registration with National Securities Corporation was terminated as of September 29, 2017. On September 13, 2017, he became employed with Aegis Capital Corp. in Mineola, New York. Fasciglione has been associated with eleven different broker dealers, seven of which are defunct or have been expelled by securities regulators for violation of federal securities laws. #cockroach
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