Articles Posted in Alternative Investment

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Two FINRA claims were filed involving Michael Fasciglione’s and National Securities Corporation. The claims allege suitability, breach of contract, breach of fiduciary duty, negligence, and/or churning.

The claims were settled for $525,000 and $80,000. FINRA reports of 6 other settled claims involving with prior brokerages.

Michael Fasciglione has been licensed with Aegis Capital Corp since September 2017; previously Fasciglione was licensed with National Securities Corporation. In December 2014, Fasciglione was suspended from the securities industry for 1 month and fined $5,000 by FINRA.

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On February 25, 2019, the SEC took action against against the operators of a South Florida investment fund and its principals. One principal had a felony record. The charges were filed  against Castleberry Financial Services Group LLC and its  president, T. Jonathon Turner and another officer, Norman M. Strell.

The SEC alleged that investors were defrauded  of $3.6 million.

The SEC alleged that Castleberry mis-represented to investors it had hundreds of millions invested in local  properties and businesses. High yields were offered, claiming that a large insurer, CNA and Chubb “bonded” the investments.  CNA and Chubb had no connection with Castleberry. CNA’s and Chubb’s logos were also misappropriated.