Luigi Edward Mancusi (also known as Lou Mancusi) of Lake Forrest Illinois a stockbroker formerly registered with Oppenheimer Co. Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $25,000.00 in damages based upon accusations that (1) Mancusi churned the customer’s account (2) Mancusi executed unauthorized trades and (3) Mancusi effected oil and gas transactions in the customer’s account which were unsuitable given the customer’s age and tolerance for risk. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-03037 (July 11, 2018).
given the customer’s age and tolerance for risk. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-03037 (July 11, 2018).
FINRA Public Disclosure confirms that Mancusi has been identified in four more customer initiated investment related disputes containing allegations of his violative conduct while employed by Vision Investment Services Inc., Wayne Hummer Investments, Northern Trust Securities and Oppenheimer Co. Inc. In particular, a customer initiated investment related complaint in regard to Mancusi’s activities has been settled for $30,000.00 in damages supported by accusations that the customer’s investment instructions were disregarded by Mancusi.
Another customer initiated investment related arbitration claim concerning Mancusi’s conduct has been resolved for $80,000.00 in damages founded on allegations that when Mancusi was associated with Wayne Hummer Investments, misrepresentations were made to the customer by way of Mancusi guaranteeing annual returns on the customer’s investment and by Mancusi claiming that the investment contained approximately the same level of liquidity and risk as bonds; unauthorized unit investment trust trades had been executed in the customer’s account; and the unit investment trusts failed to be suitable given the customer’s age, objectives for investing and tolerance for risk.
Moreover, a customer initiated investment related arbitration claim regarding Mancusi’s activities was settled for $50,000.00 in damages based upon accusations including negligent supervision; misrepresentation; negligence; breach of fiduciary duty; and violation of Illinois Securities Act in regard to Mancusi’s egregious investment advice and failure to consider the customer’s income needs, risk tolerance and age when making recommendations of closed end funds and stocks. Additionally, a customer initiated investment related complaint involving Mancusi’s conduct was resolved for $60,000.00 in damages supported by allegations of unit investment trust and mutual fund trades being effected in the customer’s account without authorization.
FINRA Public Disclosure additionally reveals that Mancusi has been fined $10,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that he executed unauthorized trades in a customer’s investment accounts; conduct violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
