Vincent Anthony Virga (also known as Vincenzo Anthony Virga) of Bayonne New Jersey a stockbroker formerly registered with Madison Avenue Securities LLC is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested $495,000.00 in damages based on allegations that Virga provided unsuitable advice to them regarding alternative investments including direct participation program interests and limited partnership interests. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01311 (June 22, 2021). According to the claim, Madison Avenue Securities failed to supervise Virga’s activities.
FINRA Public Disclosure also shows that Virga has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity supported by findings that Virga made unsuitable investment recommendations. Letter of Acceptance Waiver and Consent No. 2019061187801 (November 20, 2020).
According to the AWC, Virga had a retired customer invest in different fund families. This caused the customer to pay $19,687.00 in unnecessary sales charges. The customer was not made aware by Virga that they could save on costs through a right of accumulation that arose from the existing mutual funds held by the customer at a different firm. Virga did not explain how the customer could mitigate sales charges or eliminate them by investing in one-to-two fund families rather than the five different families of funds. Virga violated FINRA Rules 2010 and 2111 for his unsuitable recommendations.
Virga was registered with Madison Avenue Securities between April 28, 2009, and February 5, 2021.
