Edward Mirabella Allegedly Churns His Clients’ Accounts

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Edward Mirabella. According to his publicly available FINRA BrokerCheck report, Edward Mirabella has been the subject of multiple customer disputes.

Edward Mirabella was a New Jersey based securities broker. He worked in the securities industry for thirteen years. During his career, he was registered with six different securities firms.

His Registrations

• Murjen Financial (2002)


• Salomon Grey Financial Corporation (2002-2006)


• Westpark Capital (2006)


• J.P. Turner & Company (2006-2008)


• Aura Financial Services (2008-2009)


• National Securities Corporation (2009-2016)

The Allegations

• In September 2007, a customer alleged that Edward Mirabella charged them excessive commissions, engaged in excessive trading, and failed to follow instructions. This case was settled for $4,999 in damages.


• In November 2007, a customer alleged that Edward Mirabella engaged in unauthorized trading. This case was settled for $7,500 in damages.


• In September 2013, a customer alleged that Edward Mirabella handled their account negligently, breached his fiduciary duty, and breached contract. This case was settled for $36,000 in damages.


• In January 2014, a customer alleged that Edward Mirabella engaged in unauthorized trading. This case is currently pending. The customer is seeking $40,000 in damages.


• In November 2017, a customer alleged that Edward Mirabella executed unsuitable transactions and churned their account. This case is currently pending. The customer is seeking $879,584 in damages.

What Does This Mean?

There are two different ways that brokers receive compensation for their services. One is by charging the account holder a flat fee that is determined by the value of the account. The other method is by receiving a percentage of the investor's principal investment whenever they execute a transaction on their behalf. This percentage acts as the broker's commission for executing the trade. The sad truth is, however, that this form of compensation can easily lead to a fraudulent trading practice know as churning. Churning occurs when a securities broker excessively trades an investor's account with the express purpose of generating additional commissions. This is done to the detriment of the investor and often causes them significant financial harm due to unnecessary fees that cause their principal investment to deteriorate.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Edward Mirabella, please contact Oakes & Fosher for a free and private consultation.