Securities Lawyers Blog
The securities lawyers of Gana Weinstein LLP are investigating a customer complaint filed with The Financial Industry Regulatory Authority (FINRA) against National Securities Corporation (National Securities) broker Jason Wilk (Wilk). According to BrokerCheck records Wilk has been subject to at least one customer complaint. The customer complaints against Wilk alleges securities law violations that including unsuitable investments, unauthorized trading, and breach of fiduciary duty among other claims.
In January 2016 a customer filed a complaint alleging $53,532 in damage stemming from unsuitable investment. The complaint settled.
According to a recent study conducted by the Securities Litigation and Consulting Group entitled “How Widespread and Predictable is Stock Broker Misconduct?” the incidents of investor harm at National Securities is extraordinarily high. The study ranked National Securities as the third worst brokerage firm finding that brokers at the firm had over a 31% misconduct rate. The study stated that investors should stay away from National Securities “Given their coworkers’ disclosure record as of 2014, 83.7% of the brokers at these six firms would be in the highest risk quintile as defined in the FINRA study and should be avoided by investors. The BrokerCheck reports for most of the brokers at these six firms should prominently display a skull and crossbones warning.”