Vincent Anthony Virga (also known as Vincenzo A. Virga Jr.) of Bayonne New Jersey a stockbroker and investment adviser representative of Madison Avenue Securities LLC has been fined $5,000.00 and suspended for one month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Virga made unsuitable investment recommendations to a customer of Madison Avenue Securities. Letter of Acceptance Waiver and Consent No. 2019061187801 (Nov. 20, 2020).
According to the AWC, on June 21, 2018, a retired customer who acted on Virga’s recommendations had placed money in six mutual funds that were part of five different mutual fund families. Virga advised the customer to invest $80,000.00 in each mutual fund for a grand total of $480,000.00.
The AWC stated that the customer had followed an investment plan laid out by Virga which resulted in the customer paying $19,687.00 in commissions and fees. FINRA indicated that the customer was not informed by Virga that it was possible for them to have benefited more by keeping their existing mutual funds at another securities broker dealer because of cost savings that were made available to the customer through a right of accumulation.
FINRA also stated that Virga failed to tell the customer that it was possible for them to avoid paying the $19,687.00 in sales charges if they had placed their money in less fund families which was how the customer had been invested at a competitor securities broker dealer. Virga’s investment recommendations were determined by FINRA to be violative of FINRA Rules 2111 and 2010.
Virga has been registered with Madison Avenue Securities as a stockbroker since April 28, 2009 and as an investment adviser representative since March 21, 2012.
