Frank Louis Avallone of New York, NY, a stockbroker registered with Newbridge Securities Corporation, is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested compensation based upon allegations that Avallone made unsuitable recommendations, breached his fiduciary duties, committed fraud, and violated FINRA rules in connection with the sale of alternative investments during the time that Avallone was associated with Newbridge Securities Corporation. Financial Industry Regulatory Authority (FINRA) Arbitration No. 22-01480 (June 30, 2022). The claim also alleges that Newbridge Securities Corporation failed to supervise Avallone’s activities.
FINRA Public Disclosure shows that Avallone has been referenced in three other customer initiated investment related disputes concerning Avallone’s conduct while associated with securities broker dealers. On December 28, 2012, a complaint involving Avallone’s conduct was settled for $2,500.00 in damages based upon allegations that Avallone charged excessive commissions in connection with the sale of stocks and over-the-counter equities during the period that Avallone was associated with Global Arena Capital Corp.
Avallone was also referenced in a FINRA securities arbitration claim that was settled for $2,000.00 in damages based upon allegations that Avallone made unsuitable recommendations, breached his fiduciary duties, churned the customer’s accounts, violated FINRA rules, and breached a contract in connection with the sale of mutual funds and over-the-counter equities during the time that Avallone was associated with First Midwest Securities Inc. FINRA Arbitration No. 13-03710 (March 29, 2014). The claim also alleges that First Midwest Securities Inc. failed to supervise Avallone.
On November 7, 2019, another customer filed an investment related complaint involving Avallone’s conduct in which the customer requested $209,200.00 in damages based upon allegations that Avallone made unsuitable recommendations of private placements during the period that Avallone was associated with National Securities Corporation.
Avallone was associated with Newbridge Securities Corporation in New York, NY, as a stockbroker from September of 2012 to October of 2015, and associated with National Securities Corporation in South Norwalk, CT, as a stockbroker from October of 2015 to February of 2022.
Avallone has been associated with Ceros Financial Services Inc. in Norwalk, CT, as a stockbroker since January 11, 2022.
