The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about Legend Securities Inc. broker Bernardo Misseri to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Misseri has been registered in the securities industry since 1998. Over the years, he has been registered with 6 brokerage firms: LCP Capital Corp., RD White and Co. Inc., Benson York Group Inc., J.P. Turner and Co. LLC, McGinn Smith and Co. Inc. and, most recently, Legend Securities Inc. During that period, the FINRA BrokerCheck report indicates that Mr. Misseri has been the subject of 2 Regulatory Events, 5 IRS and New York State Judgment/Liens and 8 Customer Disputes, 4 of which were pending as of August 22, 2016.
The Regulatory Events include a denial by the State of Illinois of a securities license and a two-year suspension and fine of $15,000 by FINRA for violation of Rules 2110 and 3040 for what is commonly known as "selling away."
One customer dispute with allegations of unauthorized trading in violation of FINRA rules was reportedly settled for $45,000. Three customer disputes were rejected by J.P. Turner and Co. and supposedly no further action was taken by the customer. There were 4 pending arbitrations reportedly filed against Mr. Misseri for a variety of misconduct in violation of FINRA rules while he was employed at J.P. Turner and Co LLC and Legend Securities Inc. We believe that Mr. Misseri's employers may have not accurately or completely reported all of the Customer Disputes involving hem and request that all investors with complaints against Mr. Misseri contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.