Securities Arbitration Investment Fraud Lawyers » Misappropriation of Funds » Investors File Arbitration Claim Against First Allied Securities For Misappropriation

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Shlomo Strugano (also known as Shlomy Strugano and as Solomon Strugano) of Reseda California a stockbroker formerly registered with First Allied Securities Inc. is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $750,000.00 in damages supported by accusations of elder abuse and misappropriation. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01833 (June 17, 2020). According to the claim, the customer sustained damages because of negligence and a breach of fiduciary duty by the stockbroker. The claim also alleges that Strugano provided unsuitable advice to the customer concerning alternative investments.

Strugano has been referenced in five more customer initiated investment related disputes containing allegations of his improper activities during the period that he was employed by Kovack Securities Inc., Essex National Securities and First Allied Securities. FINRA Public Disclosure confirms that Strugano is the subject of a customer initiated investment related complaint which was settled to resolve accusations that Strugano misrepresented a customer’s contribution into an annuity.

On December 17, 2018, another customer filed an investment related complaint concerning Strugano’s conduct in which they requested compensatory damages founded on allegations of their net worth being misrepresented and of their signature being forged on documents relating to a real estate security purchase.

On March 12, 2019, a different customer filed an investment related complaint regarding Strugano’s conduct where the customer sought more than $5,000.00 in compensatory damages based upon accusations of poor performance and unauthorized real estate securities transactions by the stockbroker at Kovack Securities. Strugano is also referenced in a customer initiated investment related complaint which was settled for $51,000.00 in damages on August 13, 2019 supported by allegations of non-disclosures and forgery relating to the First Allied Securities customer’s purchase of an annuity.

On September 9, 2019, another customer filed an investment related complaint involving Strugano’s activities in which they sought compensatory damages founded on accusations that bad investment recommendations were made by Strugano at Kovack Securities. The claim also alleges that the customer’s signature had been forged on documents relating to real estate security transactions.

Strugano has been barred from associating with any FINRA member in any capacity based upon findings of his failure to cooperate with FINRA personnel during the period that he was under investigation for forgery. Letter of Acceptance Waiver and Consent No. 2018060982602 (Jan. 6, 2020). According to the AWC, First Allied Securities informed FINRA that Strugano was terminated while under an internal investigation for forgery.

Strugano was supposed to provide FINRA with recorded testimony on November 21, 2019. FINRA personnel were made aware on October 29, 2019 that Strugano would not comply with their investigation. He violated FINRA Rules 2010 and 8210 in this respect.

Strugano’s registration with First Allied Securities was terminated on December 7, 2018.