Melvin Pirchesky (also known as Mel Pirchesky) of Irvine California a stockbroker formerly registered with Boustead Securities LLC is named in an investment related civil action in which the investor requested $871,021.18 in damages supported by accusations that excessive commissions had been charged on a private placement transaction that Pirchesky arranged during the time that he was associated with Boustead Securities. Civil Action No. 18-24070-GLT (Oct. 16, 2020).
This is not the first time that Pirchesky has been the subject of an investor dispute containing allegations of his wrongdoing. FINRA Public Disclosure shows that another investor filed a civil action in the Common Pleas Court of Allegheny County Pennsylvania where they sought compensatory damages based upon accusations that the operations and financials of an issuer had been misrepresented. Civil Action No. 18-015969 (Dec. 6, 2018). According to the claim, the investor put money into a private placement offering during the period that Pirchesky was associated with Boustead Securities.
Pirchesky was permitted to resign from Boustead Securities on April 12, 2019. At the time of his termination, he was on heightened supervision and internally probed by the securities broker dealer for potential violations of firm policy and FINRA rules.
Pirchesky has been registered with Weild Co. since April 23, 2019.