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

Michael Fasciglione is a New York-based securities broker. He has worked in the securities industry for thirty-one years. During his career, he has been registered with eleven different securities firms.

His Registrations

  • J.T. Moran & Co. (1988-1990)
  • Vanderbilt Securities (1990)
  • Robert Todd Financial Corp. (1990)
  • The Stuart-James Company Incorporated (1990)
  • Chatfield Dean & Co. (1990-1991)
  • Continental Broker-Dealer Corp. (1991-1998)
  • Josephthal & Co. (1998-2002)
  • Oppenheimer & Co. (2002-2004)
  • First Montauk Securities Corp. (2004-2007)
  • National Securities Corporation (2007-2017)
  • Aegis Capital Corp. (2017-Present)

The Allegations

  • In July 1995, a customer alleged that Michael Fasciglione recommended unsuitable investments. This case was settled for $120,000 in damages.
  • In July 1997, a customer alleged that Michael Fasciglione recommended unsuitable investments, breached his fiduciary duty, and made material misrepresentations. This case was settled for $47,000 in damages.
  • In November 1999, a customer alleged that Michael Fasciglione allowed his account to exceed comfortable margin balances and charged excessive commissions. This case was settled for $30,000 in damages.
  • In August 2002, a customer alleged that Michael Fasciglione made material misrepresentations, executed unauthorized trades, and recommended unsuitable investments. This case went to arbitration where the customer was awarded $300,000 in damages.
  • In April 2009, a customer alleged that Michael Fasciglione committed fraud, breached contract, excessively traded their account, recommended unsuitable investments, and managed their account negligently. This case was settled for $150,000 in damages.
  • In May 2012, a customer alleged that Michael Fasciglione recommended unsuitable investments and churned their account. This case was settled for $80,000 in damages.
  • In May 2014, a customer alleged that Michael Fasciglione recommended unsuitable investments, breached contract, breached his fiduciary duty, and managed their account negligently. This case was settled for $525,000 in damages
  • In May 2017, a customer alleged that Michael Fasciglione recommended unsuitable investments, breached his fiduciary duty, and managed their account negligently. This case was settled for $135,000 in damages.
  • In March 2018, a customer alleged that Michael Fasciglione made material misrepresentations. This case was settled for $15,000 in damages.
  • In December 2018, a customer alleged that Michael Fasciglione recommended unsuitable investments and breached his fiduciary duty. This case was settled for $67,500 in damages.
  • In September 2019, a customer alleged that Michael Fasciglione recommended unsuitable investments, breached his fiduciary duty, managed their account negligently, and made negligent misrepresentations. This case is currently pending. The customer is seeking an undisclosed amount in damages.
  • In January 2020, a customer alleged that Michael Fasciglione recommended unsuitable investments. This case is currently pending. The customer is seeking $123,000 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to only make decisions that work in their best interests. This obligation is the broker’s duty as a fiduciary. The most important aspect of this fiduciary duty is making sure the investments they recommend are actually financially suitable for their customers. Brokers can determine a customer’s suitability by looking at financial factors specific to every customer. These include the customer’s age, financial status, risk tolerance, investment objectives, and liquidity needs. Brokers who invest their customers contrary to these factors do not possess the necessary skills to perform their duties to the required standard.

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 Michael Fasciglione, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.