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Investors Allege Peter Viglione Executed Unauthorized and Excessive Trades

Jan 6, 2023 Unauthorized Trading

Peter Viglione (CRD #: 4697621), a broker registered with Network 1 Financial Securities, allegedly executed unauthorized trades, according to his BrokerCheck record, accessed on December 28, 2022. If you have questions about his alleged conduct as a broker, keep reading.

Investor Dispute

On October 26, 2022, an investor alleged that Peter Viglione executed excessive and unauthorized trades and charged excessive commissions from 2015-2018. The client seeks $334,000 in this pending dispute.

From 2011 to 2021, six disputes variously alleged that Peter Viglione executed excessive and unauthorized trades, overconcentrated client accounts, made misrepresentations, and charged excessive commissions. These disputes were settled for a total of $380,451.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Brokers must consider the client’s risk tolerance, tax status, and other information in the investor’s profile when recommending investments.

Excessive trading violates this rule by failing to meet the requirement for quantitative suitability. This means that the number of trades must be suitable given the client’s portfolio. Trades incur charges, charges that can eventually cut into an investor’s profit over time. 

Investors who rely on their broker for recommendations may be able to recover their funds through FINRA arbitration.

FINRA Rule 3260

FINRA Rule 3260 limits brokers to exercising their trading discretion in pre-approved discretionary accounts. These accounts must be approved for discretionary trading by both the client and the firm.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deceptive, manipulative, and otherwise fraudulent methods to influence investors’ decisions. The misrepresentation or omission of material facts violates this rule.

Background Information

Peter Viglione has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • Series 79TO Investment Banking Registered Representative Examination 
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Peter Viglione is a registered broker in 25 states and the District of Columbia.

He has also worked for the following firms:

  • Laidlaw & Company (UK) (CRD#:119037)
  • Portfolio Advisors Alliance (CRD#:101680)
  • John Thomas Financial (CRD#:40982)
  • National Securities Corporation (CRD#:7569)
  • S.W. Bach & Company (CRD#:43522)
  • Oppenheimer & Company (CRD#:249)
  • Casimir Capital (CRD#:105061)

Kurta Law Can Help

If you worked with Peter Viglione and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

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.