Legend Securities Named In Customer Securities Arbitration

Bernardo Misseri, of Staten Island, New York, a stockbroker formerly registered with Legend Securities, Inc., has been named in a customer initiated investment related arbitration claim, in which the customer was awarded $50,000.00 in damages on August 12, 2016, based upon allegations that Misseri breached his fiduciary duties, negligently handled the customer’s portfolio, failed to diversify the customer’s holdings, effected unsuitable transactions, and violated Iowa Uniform Securities Act, FINRA Rules 2010, 2150, and NYSE Rules 401 and 405 in connection with over-the-counter equities transactions.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Misseri has been identified in seven additional customer initiated investment related disputes containing allegations of Misseri’s misconduct while employed with Legend Securities, Inc. and J.P. Turner & Company L.L.C. Notably, on April 29, 2005, a customer filed an investment related complaint involving Misseri’s conduct, in which the customer requested $14,500.00 in damages based upon allegations that Misseri effected unauthorized equity trades in the customer’s account.
Further, on August 18, 2015, a customer initiated investment related arbitration claim regarding Misseri’s activities was resolved for $45,000.00 in damages based upon allegations that Misseri effected unauthorized over-the-counter equity trades in the customer’s account. Subsequently, on October 5, 2014, a customer filed an investment related arbitration claim involving Misseri’s conduct, in which the customer requested $48,487.70 in damages based upon allegations that Misseri mismanaged the customer’s investment portfolio.
On April 10, 2015, another customer filed an investment related arbitration claim regarding Misseri’s activities in which the customer requested $150,000.00 in damages based upon allegations that Misseri made false statements to the customer concerning investments, placed equity trades without authorization, failed to execute upon the customer’s instructions, churned the customer’s account, utilized the customer’s margin in an improper manner, and engaged in stock manipulation.
Misseri has also been identified in three regulatory actions for alleged misconduct. Particularly, Misseri was suspended from associating with any National Association of Securities Dealers (NASD) member in any capacity according to a Decision & Order of Offer of Settlement containing findings that Misseri sold away from his firm in violation of NASD Conduct Rules 2110 and 3040. Disciplinary Proceeding No. E1020032138-01 (Aug. 5, 2005). Misseri has also been subject of a FINRA investigation, in which FINRA alleged that Misseri may have violated FINRA Rules 2010, 1122, and FINRA By-Laws Article V Section 2 due to his failure to disclose numerous liens to FINRA via U4. Wells Notice Examination, No. 20150460059 (Nov. 11, 2016).
Since January 22, 1998, Misseri has been associated with seven different broker dealers, six of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach