Mark Fred Augusta of Solana Beach California a stockbroker formerly registered with Wedbush Securities is referenced in a customer initiated investment related arbitration claim in which the customer requested $398,832.00 in damages based upon accusations that (1) bond trades effected by Augusta failed to be suitable for the customer and (2) unauthorized transactions were executed in the customer’s account generating unwarranted losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00401 (Feb. 13, 2019).
FINRA Public Disclosure confirms that Augusta is referenced in eighteen additional customer initiated investment related disputes that concern allegations of his misconduct when he was employed by securities broker dealers including Wedbush Securities and Hilltop Securities. In particular, Augusta was subject of a customer initiated investment related arbitration claim where the customer was awarded $1,797,054.00 in damages based on Wedbush being found liable on the customer’s claims of unauthorized trading, elder financial abuse, unjust enrichment, omissions, misrepresentation, fraud, breach of fiduciary duty, unsuitable recommendations, and failure to supervise Augusta’s activities as it related to the customer’s purchases of structured certificate of deposits and long-term municipal bonds. FINRA Arbitration No. 16-00847 (July 13, 2017).
Another customer initiated investment related complaint concerning Augusta’s activities was settled for $25,000.00 in damages on August 30, 2017 based upon accusations that trades placed in the customer’s account were inappropriate; and the customer was poorly advised by Augusta when he was associated with Hilltop Securities Inc. and Wedbush Securities Inc. On July 16, 2018, a customer filed an investment related arbitration claim concerning Augusta’s conduct in which the customer sought $375,000.00 in damages supported by accusations that the customer was victim to financial abuse; recommendations were inappropriate given the customer’s financial circumstances; non-disclosures were made concerning Augusta’s disciplinary and regulatory history; and Hilltop Securities Inc. and Wedbush Securities failed to supervise the trades Augusta placed which resulted in the customer’s unwarranted losses. FINRA Arbitration No. 18-02498.
Augusta is also the subject of a customer initiated investment related arbitration claim where the customer requested $97,774.00 in damages founded on allegations that securities laws of the State of California were violated; the customer’s account had been handled with poor care; unfounded statements and omissions were made; fiduciary duties had been violated; and the customer was placed in inappropriate structured certificate of deposits. FINRA Arbitration No. 18-02930 (Aug. 27, 2018). Augusta is also referenced in a customer initiated investment related arbitration claim which was resolved for $73,900.00 in damages supported by allegations that the customer was a victim of elder abuse; there was a breach of a written contract; misrepresentations and omissions had been made concerning the customer’s bond investments; fiduciary duties owed to the customer were violated; and the customer had been defrauded. FINRA Arbitration No. 19-00975 (Feb. 7, 2019).
Augusta was terminated from Wedbush Securities founded on accusations of him being the subject of a customer dispute. He has been employed by Hilltop Securities since May 29, 2015.
