Louis Martin Wargo of Brecksville, Ohio, a stockbroker registered with FSC Securities Corporation, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $19,000.00 in damages based upon allegations that Wargo made unsuitable investment recommendations, was negligent, breached his fiduciary duties, breached a contract, and made misrepresentations and omissions of material fact in connection with the sale of BDCs during the time that Wargo was associated with FSC Securities Corporation. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-00089 (December 20, 2021).
FINRA Public Disclosure shows that Wargo has been referenced in three other customer initiated investment related disputes concerning Wargo’s conduct while associated with securities broker dealers. On December 20, 2004, a customer filed an investment related complaint involving Wargo’s conduct in which the customer requested compensation based upon allegations that Wargo made unsuitable recommendations and made omissions of material fact in connection with the sale of variable annuities during the period that Wargo was associated with AXA Advisors LLC.
Wargo was also referenced in a complaint filed on July 17, 2020, in which the customer requested $22,000.00 in damages based upon allegations that Wargo made unsuitable recommendations of business development companies during the time that Wargo was associated with FSC Securities Corporation.
On November 16, 2021, a FINRA securities arbitration claim involving Wargo’s conduct was settled for $45,000.00 in damages based upon allegations that Wargo overconcentrated the customer’s accounts in alternative investments, including real estate securities at FSC Securities Corporation. FINRA Arbitration No. 20-03348.
Wargo has been associated with FSC Securities Corporation in Brecksville, Ohio, as a stockbroker since February 5, 2003, and as an investment advisor representative since February 18, 2003.