Securities Lawyers Blog
According to BrokerCheck records financial advisor Mark Augusta (Augusta), currently employed by Hilltop Securities, Inc. (Hilltop Securities) has been subject to at least an astonishing 19 customer complaints and one employment termination for cause. According to records kept by The Financial Industry Regulatory Authority (FINRA), Augusta’s customer complaints allege that Augusta sold his clients a variety of improper products including Puerto Rico municipal bonds, interest rate swap CDs (structured CDs), and other unsuitable debt securities.
In May 2015 Augusta’s then employer Wedbush Securities Inc. (Wedbush Securities) terminated Augusta after a client filed a complaint against him.
In February 2019 a customer filed a complaint alleging that Augusta violated the securities laws by, among other things, engaged in unauthorized and unsuitable investments made by the financial advisor in June 2014. The claim alleged $398,832 in damages and is currently pending.
In August 2018 a customer filed a complaint alleging that Augusta violated the securities laws by, among other things, making unsuitable investments, breach of fiduciary duty, misrepresentations and omissions, negligence, and violations of California securities laws. The claim alleged $97,774 in damages and is currently pending.
In July 2018 a customer filed a complaint alleging that Augusta violated the securities laws by, among other things, misrepresentation by omission with respect to the disclosure of representative’s regulatory and disciplinary history, unsuitable recommendations, and financial abuse of an elder. The claim seeks $375,000 in damages and is currently pending.