Michael Fasciglione Embroiled in Multiple Six-Figure Suitability Disputes

Michael Fasciglione (CRD #: 1806486), a broker registered with Aegis Capital Corp, is involved in several disputes concerning suitability, according to his BrokerCheck record, accessed on September 27, 2022. For more information concerning his conduct as a broker, keep reading. 

Investor Disputes: Suitability

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about risk tolerance, financial goals, and age. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.

There are several recent disputes that allege Michael Fasciglione recommended unsuitable REITs, including ARC NYC REITs and First Capital REIT. Unsuitable investments do not fit FINRA’s requirements. Brokers are required to only recommend securities that fit an investor’s risk tolerance and financial goals.

On July 29, 2022, an investor alleged that Michael Fasciglione recommended unsuitable investments and engaged in unauthorized trading. 

On May 4, 2022, an investor alleged Michael Fasciglione recommended an unsuitable ARC NYC REIT and First Capital REIT. The investor is seeking $225,000; the dispute is pending. 

An investor dispute from April 18, 2022, makes similar allegations regarding ARC NYC REIT. The investor is seeking $200,000. 

• On July 8, 2021, an investor alleged that Michael Fasciglione recommended unsuitable investments. The investor is seeking $422,000; the dispute is pending.
• Just a month earlier, on June 5, 2021, an investor alleged losses over suitability. The investor sought $135,000 and the dispute was settled for $225,000. 
• On May 17, 2021, an investor alleged Michael Fasciglione recommended an unsuitable investment. The investor sought $75,000 and the dispute was settled for $67,500. 

Previous Disputes

Michael Fasciglione has an unusually large number of disclosures. Just under 8% of brokers have some type of misconduct on their record – a much smaller percentage have more than one investor dispute. Unfortunately, brokers who engage in financial misconduct are often able to continue working in the securities industry. One study found that 75% of financial advisors who engage in misconduct remained employed.

Background Information

Michael Fasciglione has passed the following exams:

• Series 63 Uniform Securities Agent State Law Examination
• Securities Industry Essentials Examination
• Series 7 General Securities Representative Examination
• Series 8 General Securities Sales Supervisor Examination (Options Module & General Module)
• Series 24 General Securities Principal Examination

He is a registered broker in Connecticut, Minnesota, New York, and Pennsylvania.

Besides Aegis Capital Corp (CRD #: 15007), Fasciglione has worked with the following firms:

• National Securities Corporation (CRD #: 7569)
• First Montauk Securities (CRD #: 13755)
• Oppenheimer & Co. (CRD #: 249)
• Josephthal & Co. (CRD #: 3227)
• Continental Broker-Dealer Corp. (CRD #: 14048)
• Chatfield Dean & Co. (CRD #: 14714)
• The Stuart-James Company (CRD #: 11691)
• Robert Todd Financial (CRD #: 7423)
• Vanderbilt Securities (CRD #: 14280)
• J.T. Moran & Co. (CRD #: 15655) 

Kurta Law Can Help

If you worked with Michael Fasciglione and you have concerns about your investments, contact Kurta Law today. Call 212-658-1502 or email jkurta@kurtalawfirm.com.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.