Vincent Anthony Virga of Bayonne, New Jersey, a stockbroker formerly registered with Madison Avenue Securities, is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $150,000.00 in damages founded on allegations that the customer received unsuitable investment recommendations from Virga concerning alternative investments while Virga was associated with Madison Avenue Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02597 (October 19, 2021).
FINRA Public Disclosure shows that Virga has been identified in two more customer initiated investment related disputes containing accusations of his activities while employed by Madison Avenue Securities. On June 22, 2021, a customer filed an investment related FINRA securities arbitration claim involving Virga’s conduct in which the customer requested $495,000.00 in damages supported by allegations that Virga provided unsuitable advice relating to LP interests and DPP interests during the time that Virga was employed by Madison Avenue Securities. FINRA Arbitration No. 21-01311 (June 22, 2021). The claim also contains accusations of Madison Avenue Securities’ failure to supervise Virga’s activities relating to the alternative investments, resulting in damages.
On August 25, 2021, another customer filed an investment related FINRA securities arbitration claim concerning Virga’s activities where the customer sought $500,000.00 in damages based upon allegations of them being provided defective investment advice in connection with the recommendation of GPB Automotive, and other alternative investments by Virga and Madison Avenue Securities. FINRA Arbitration No. 21-02145.
Virga has been fined $5,000.00 and suspended for one month from associating with any FINRA member in any capacity supported by findings of Virga’s unsuitable recommendations to the customer concerning mutual fund transactions when Virga was registered with Madison Avenue Securities. Letter of Acceptance Waiver and Consent No. 2019061187801 (November 20, 2020).
According to the AWC, the customer invested $480,000.00 in mutual funds according to Virga’s advice. Those investments were made across multiple fund families instead of through one or two fund families. The customer was not provided with important information about cost savings through investing in one or two fund families. FINRA found that Virga violated Rules 2010 and 2111.
