FINRA Bans Broker Michael Alan Siegel After Repeated Complaints and Investigations

FINRA has barred Michael Alan Siegel (CRD# 1950871) from “acting as a broker or otherwise associating with a broker-dealer firm.” Siegel was a previously registered broker and investment advisor and worked in the financial services industry since 1992. His last registered place of employment was with National Securities Corporation of Edison, NJ (CRD# 7569), from 04/21/2014 through 05/13/2016

Siegel’s previous work history includes 13 investment companies:

Concorde Investment Services (CRD# 151604), in Parsippany, NJ from 09/19/2013 through 04/22/2014
Forester’s Equity Services (CRD# 18464) in San Diego, CA, from 08/02/2013 through 09/18/2013
The Investment Center, Inc. (CRD# 17839) in Warren, NJ, from 04/26/2013 through 06/19/2013
OneAmerica Securities, (CRD# 4173) in Bridgewater, NJ, from 01/30/2012 through 04/30/2013
Horner, Townsend & Kent (CRD# 4031) in Edison, NJ, from 12/24/2010 through 11/28/2011
Metlife Securities, Inc (CRD# 14251) in Staten Island, NY, from 01/27/2009 through 03/18/2010
Merrill, Lynch, Pierce, Fenner & Smith, Inc. (CRD# 7691) in Short Hills, NJ, from 07/23/2008 through 11/18/2008
AXA Advisors, (CRD# 6627) in Woodbridge, NJ, from 01/02/2008 through 06/17/2008
First Institutional Securities (CRD# 23910) in West Paterson, NJ, from 05/19/1995 through 05/15/2002
G. Edwards & Sons, Inc. (CRD# 4) in St. Louis, MO from 02/16/1995 through 05/09/1995
First Institutional Securities (CRD# 23910) in West Paterson, NJ From 08/04/1989 through 02/06/1995
Broadway Financial Investment Services Corp (CRD# 23906, no location given) from 07/18/1989 through 03/25/1992

Siegel’s record has six disclosures:

Three customer disputes: two are pending, one was settled for $250,000
Two regulatory complaints leading to Siegel being barred from being a broker
One currently outstanding civil judgment for $1,498 against Siegel by Sloman’s Security Services, Inc. in Newark, NJ, from 06/16/2006

Two separate customer disputes were filed on 07/05/2016.

The first alleges “misrepresentation, suitability, fraud and churning.” The customer requested damages in the amount of $2,016,064.90, and the case was settled for $250,000.
The second dispute is still listed as “pending,” with allegations of “misrepresentation, suitability, fraud, theft/forgery and churning, in relation to REIT and Equity investments from 2013 to 2016.” The customer has requested damages in the amount of $2,016,064.90.

The latest customer dispute was filed on 02/07/2018, alleging “misrepresentation, unauthorized trading & suitability,” and requests damages in the amount of $ 70,875.00. Siegel was employed with National Securities at the time of the allegations.

Contact Our Firm if You’ve Invested with Michael Siegel

If Michael Siegel was your broker, and you need help, contact us. 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. We handle most of our cases on a contingent fee basis. You won’t pay legal fees unless we win your case.