Articles Tagged with Aegis

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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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FINRA Broker Check reports that a complaint, dated 26 February 2019, was filed against James Bradley Schwartz (“Schwartz”) (Disciplinary Proceeding. 201605170430), while associated with Aegis Capital Corp. (“Aegis” or the “Firm”). The Complaint by FINRA’s Division of Enforcement alleges that Schwartz and Aegis (a FINRA-regulated broker-dealer), churned and excessively traded the accounts of four customers from August 2014 through May 2016.

During that period, Schwartz purportedly executed approximately 535 trades in the customer accounts – resulting in annualized turnover rates ranging from 19.9 to 54.7, and annualized cost-to-equity ratios (or break-even points) ranging from 87% to 120%.

The FINRA Complaint further alleges that Schwartz’s churning and excessive trading was unsuitable, unauthorized and caused combined losses of more than $660,000 in these four customers’ accounts. At the same time, Schwartz’s trading generated gross sales credits and commissions of approximately $277,705, of which Schwartz received more than $194,000.