The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker Vincent Sciabica. According to his publicly available FINRA BrokerCheck report, Vincent Sciabica, has been the subject of a FINRA sanction.

Vincent Sciabica was a New York based securities broker. He worked in the securities industry for seventeen years. During his career, he was registered with three different securities firms.

His Registrations

  • Blinder, Robinson & Co. (1986-1988)
  • Morgan Stanley (2002-2014)
  • Merrill Lynch (2014-2018)

The Allegations

In January 2018, Vincent Sciabica was sanctioned by FINRA. The findings in this matter state that he allegedly engaged in an unsuitable pattern of short-term trades of UITs, or Unit Investment Trusts. Sciabica allegedly made repeated recommendations to customers that they purchase UITs and then sell them before their maturity dates. Most of the UITs that he had recommended had maturity dates of two years at the earliest. Despite this, he allegedly continued to recommend to his customers that they sell the UITs less than one year after purchasing them and then use the proceeds to purchase more. Due to his alleged actions, Vincent Sciabica was fined $5,000 and suspended by FINRA from acting as a broker in any fashion for a period of six months.

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 representing investors that have suffered losses due to the activity of brokers like Vincent Sciabica. If you, or someone you know, have suffered losses dealing with Vincent Sciabica, or any other broker, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles our cases on a contingency basis, meaning that you don’t pay us unless we collect for you.