Securities Arbitration Lawyers BlogMichael Fasciglione Suspended After Failing To Respond To FINRA Query
Michael Fasciglione (CRD# 1806486) is a previously registered broker last employed with Aegis Capital Corp. (CRD# 15007) of Garden City, NY. His previous employers include National Securities Corporation (CRD# 7569) of Mineola, NY, First Montauk Securities Corp. (CRD#:13755) of Port Washington, NY, and Oppenheimer & Co. Inc. (CRD# 249) of New York, NY. He has been in the industry since 1988.
FIRNA recently suspended Fasciglione for failing to respond to requests for information. He was notified of his suspension on 9/27/2023, effective 10/23/2023. He is suspended in all capacities from affiliation with a member broker-dealer until he provides the requested information. Should Fasciglione fail to respond by January 2, 2024, he will be automatically and permanently barred.
Fasciglione has two prior regulatory actions:
- On 12/04/2014, FINRA issued a $5,000 fine and a one-month suspension following Fasciglione’s failure to amend his Form U4 to disclose an IRS tax lien that had been filed against him. He paid the fine on January 13,2015, and the suspension ended on 2/19/2015.
- On 7/28/2004, the New York Stock Exchange (NYSE) sanctioned Fasciglione for failing to supervise and other violations. The NYSE suspended Fasciglione for two months and required him to re-take certification exams to be reinstated. Fasciglione complied and neither admitted nor denied the allegations.
In addition to the FINRA action, Fasciglione has a total of 26 disclosures dating back to 1999. One disclosure is a pair of pending criminal charges in New York filed on 3/12/2023:
- Assault with intent to cause physical injury
- Second-degree strangulation
No additional information is available.
The remaining disclosures are customer disputes, eight of which are still pending:
- Filed 6/28/2023, alleging that from September of 2017 through present, “unsuitable investments, omissions of material facts.” Requesting damages of $1M
- Filed 6/27/2023, same allegations, requesting damages of $500,000
- 5/2/2023, alleging unsuitable recommendations, requesting damages of $5,355.17
- 5/4/2022, alleging “investments in illiquid REITS were unsuitable,” requesting damages of $5,000
- 5/4/2022, alleging “investments in First Capital and ARC NYC REIT were unsuitable,” and requesting damages of $225,000.00
- 4/18/2022, alleging “investment in ARC NYC REIT was not suitable,” requesting damages of $200,000
- 2/9/2022, alleging that Fasciglione “invested client funds in risky illiquid REITs,” requesting damages of $150,000
- 10/9/2021, alleging “unsuitable recommendation,” requesting damages of $136,300.00
Most of the settled claims included allegations of unsuitable recommendations (some of them in REITS), breaches of fiduciary duty, negligence, and other misconduct dating back to 2017.
Did You Invest With Michael Fasciglione?
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.