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

Carl Cornaglia is a Connecticut based securities broker. He has worked in the securities industry for twenty-one years. During his career, he has been registered with seven different securities firms.

His Registrations

  • Metropolitan Life Insurance Company (1998-2003)
  • MetLife Securities (1998-2003)
  • Securities Service Network (2003-2004)
  • USAllianz Securities (2004-2006)
  • Questar Capital Corporation (2006-2009)
  • SII Investments (2009-2017)
  • Kovack Securities (2017-Present)

The Allegations 

  • In November 2008, a customer alleged that the investment Carl Cornaglia placed them in was unsuitable due to it not being safe and liquid as the customer had requested.
  • In May 2009, customers alleged that Carl Cornaglia breached his fiduciary duty, made unsuitable investment recommendations, and made material misrepresentations. This case was settled for $187,500 in damages.
  • In August 2009, a customer alleged that Carl Cornaglia breached his fiduciary duty, committed fraud, and violated industry rules. Cornaglia allegedly recommended an unregistered, high-risk security when the customer specifically requested something safe. This case was settled for $32,500 in damages.
  • In April 2011, a customer alleged that Carl Cornaglia managed their account negligently, breached his fiduciary duty, and made material misrepresentations by recommending unsuitable DBSI 2008 notes. This case was settled for $75,000 in damages.
  • In October 2011, Carl Cornaglia became the subject of three separate customer complaints with identical allegations. The customers in these cases alleged that Carl Cornaglia managed their accounts negligently, breached his fiduciary duty, breached contract, and committed fraud concerning the sale of DBSI 2008 notes. These cases were settled for a grand total of $238,403 in damages.
  • In March 2013, yet another customer alleged that Carl Cornaglia managed their account negligently, breached his fiduciary duty, breached contract, and committed fraud concerning the sale of DBSI 2008 notes. This case was settled for $27,500 in damages.

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 Carl Cornaglia, 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.