Vincent Virga Agrees to Return $19,687 in Commissions and Fees to Investor
Vincent Virga (CRD #: 5070668), a broker formerly registered with Madison Avenue Securities, is involved in an investor dispute, according to his BrokerCheck record, accessed on July 19, 2021.
On June 22, 2021, an investor alleged that Vincent Virga recommended multiple risky alternative investments. In their complaint, the investor is seeking $495,000; the dispute is pending.
There is also a regulatory action on Virga’s record. On November 20, 2020, Vincent Virga consented to FINRA’s findings that he failed to disclose how his investor could save money on mutual fund investments. According to FINRA, the investor spent $480,000 on shares of six mutual funds. Investors qualify for “breakpoint” discounts when they purchase enough of a certain mutual fund. While the Acceptance, Waiver, and Consent agreement states that Virga’s investor did receive some breakpoint discounts, he allegedly still paid $19,687 too much in fees and commissions. Allegedly, Virga should have told his investor that he could have potentially paid nothing in sales charges.
As part of the terms of the AWC, Vincent Virga consented to a one-month suspension, a $5,000 fine, and $19,687 in restitution to his investor. You can read a copy of the AWC here.
Vincent Virga Background Information
Virga has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- Series 65 Uniform Investment Adviser Law Examination
- Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
Virga has worked for the following firms:
- Madison Avenue Securities (CRD #: 23224)
- Prime Capital Services (CRD #: 18334)
Kurta Law Can Help
If you worked with Vincent Virga and you have concerns about your mutual fund investments, contact Kurta Law today. Call 212-658-1502 or email email@example.com.