The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Luigi Mancusi. According to his publicly available FINRA BrokerCheck report, Luigi Mancusi has been the subject of multiple customer disputes over the course of his career.

Luigi Mancusi is an Illinois based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with eleven different securities firms.

His Registrations

  • Investment Network (1992-1994)
  • Marketing One Securities (1994)
  • Forth Financial Securities Corporation (1994-1995)
  • Investment Network (1995-2000)
  • Charter One Securities (2000)
  • Invest Financial Corporation (2000)
  • Northern Trust Securities (2000-2002)
  • Vision Investment Services (2000-2002)
  • Wayne Hummer Investments (2002-2012)
  • Oppenheimer & Co. (2012-2015)
  • David A. Noyes & Company (2015-Present)

The Allegations

  • In July 2013, a customer alleged that Luigi Mancusi recommended investments that were “unsuitable and reckless” based on their age, risk tolerance, and income needs. The customer also alleged that Luigi Mancusi breached his fiduciary duty, handled their account negligently, and made negligent misrepresentations. This case was settled for $50,000 in damages.
  • In July 2015, a customer alleged that Luigi Mancusi executed unauthorized transactions in their account. This case was settled for $60,000 in damages.
  • In October 2017, Luigi Mancusi was officially sanctioned by FINRA. The findings in this matter state that he exercised discretion in a customer’s accounts without the proper authorization. His member firm had also not deemed the account in question as suitable for discretionary trading. Due to these alleged actions, he was fined $10,000 and suspended from acting as a securities broker in any fashion for a period of two months.
  • In November 2017, a customer alleged that Luigi Mancusi made unsuitable investment recommendations that were unsuitable based on their age and risk tolerance. The customer also alleged that Luigi Mancusi executed unauthorized trades and churned their account. This case was settled for $25,000 in damages.
  • In September 2019, a customer alleged that Luigi Mancusi misrepresented a variable life insurance policy as paid up. This case is currently pending. The customer is seeking $90,000 in damages.

Misrepresentation

Misrepresentation occurs when a securities broker provides their customer with information about their investment, or potential investment, that has been falsified. This falsification can either be done on purpose through the broker’s own fraudulent intent, or by accident through the broker’s own negligence and inability to perform their job to the necessary standard. Regardless of the broker’s intent, misrepresentation can cause investors to make financial decisions based on misinformation. This can cause serious financial detriment to the investor.

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 Luigi Mancusi, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.