Mark Fredrick Augusta of Del Mar California a stockbroker formerly associated with Wedbush Securities Inc. has been referenced in a customer initiated investment related arbitration claim which was settled for $25,000.00 in damages supported by allegations that the customer had been defrauded and that misrepresentations and omissions had been made in regard to the customer’s investments in derivatives and municipal bonds during the period in which Augusta was employed by Wedbush Securities. FINRA Arbitration No. 20-00978 (July 16, 2020). According to the claim, there was a breach of fiduciary duty and breach of contract resulting from the stockbroker’s actions.
FINRA Public Disclosure reveals that Augusta has been identified in nineteen additional customer initiated investment related disputes concerning accusations of his misconduct when he was employed by securities broker dealers including Wedbush Securities and Hilltop Securities.
Augusta is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $250,000.00 in compensatory damages and $1,080,000.00 in punitive damages based on Augusta and Wedbush being found liable on the customer’s claims of elder abuse and fraud. FINRA Arbitration No. 16-00847 (July 13, 2017). According to the claim, structured certificates of deposit and long term municipal bonds were traded without the customer’s permission. A fiduciary duty that was owed to the customer had apparently been breached and there were misrepresentations and omissions made about securities. The claim also alleges that transactions were violative of federal and state laws as well as FINRA rules.
On February 7, 2019, another customer initiated investment related arbitration claim concerning Augusta’s activities was resolved for $73,900.00 in damages founded on accusations of elder financial abuse and breach of a written contract relating to the customer’s investments in Puerto Rico bonds. FINRA Arbitration No. 18-00975. The claim alleges the violation of a fiduciary duty and fraud as a result of the stockbroker’s trading at Wedbush.
Augusta has also been referenced in a customer initiated investment related arbitration claim which was settled for $87,500.00 in damages supported by allegations that investment recommendations failed to be suitable and that Augustas’ trading was not supervised by Hilltop Securities and Wedbush Securities. FINRA Arbitration No. 18-02498 (Sept. 30, 2019). According to the claim, the stockbroker committed financial abuse of an elder. The claim also alleges omissions and misrepresentations relating to Augusta’s past misconduct.
On July 2, 2019, another customer initiated investment related arbitration claim in reference to Augusta’s conduct was resolved for $75,000.00 in damages based upon accusations that California securities laws were violated by way of Augusta’s structured CD sales. FINRA Arbitration No. 18-02930. The claim also alleges that there was a breach of fiduciary duty and that Augusta’s transactions at Wedbush were both misrepresented and unsuitable. Augusta is the subject of another customer initiated investment related arbitration claim which was resolved for $75,000.00 in damages based upon accusations that the customer was placed into bad municipal bonds and that trades were effected by Augusta without the customer’s knowledge or consent. FINRA Arbitration No. 19-00401.
