New York Investor Accuses National Securities Corp. and B. Riley Wealth Management of Broker Fraud
Claimant’s Investment Loss Recovery Case Is Asking For Up To $1M
A retiree has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against B. Riley Wealth Management and National Securities Corporation. The New York investor contends that New Jersey broker Mark Angelo Gassosso grossly mismanaged his account and engaged in self-dealing.
Shepherd Smith Edwards and Kantas (investorlawyers.com) is representing this claimant, who is suing both broker-dealers for up to $1M. B. Riley Wealth Management took over National Securities Corp., which is where Gassosso used to be a registered representative.
Rather than acting in this retiree’s best interests, the respondents allegedly concentrated his savings in proprietary vehicles for buying pre-IPO share shares of companies, as well as in the stock of the majority shareholder of National Securities Corp. All of this was purportedly done without letting this investor know. Meanwhile, our client was losing a lot of money.
This claimant is an inexperienced investor. Yet the respondents purportedly invested his money in risky, non-traded private investments that earned them high commissions. This included GPB Automotive and GPB Waste Management. Now, GPB Capital Holdings is accused of operating a more than $1.8B Ponzi scam that may have defrauded thousands, including many seniors and retirees.
B Riley Wealth Management stockbroker Gassosso also may allegedly have engaged in churning in small medical accompanies in our client’s account. After B. Riley took charge of National Securities Corp., this financial advisor purportedly started using significant margin for this investor even though he was not interested in being on margin. A margin account is not for unsophisticated investors and losses can be significant if this goes awry.
In his broker fraud claim, this investor is alleging misrepresentations and omissions, unsuitable investment recommendations, breach of fiduciary duty, self-dealing, conflicts of interest, and more.
When Broker Fraud Leads To Investor Losses
Financial advisors are supposed to make investment recommendations that are appropriate for an investor based on the latter’s investing profile, age, financial goals, risk tolerance level, the other investments in their portfolio, and other key factors. They are required to take into account a client’s level of investing experience.
For many conservative retirees, including unsophisticated investors that are seniors, complex alternative investments or high-risk strategies are too much to handle even if they have a lot of money.
Our skilled retirement loss lawyers have represented many investors in recouping damages from broker-dealers and their financial advisors. We know how to identify when stockbroker negligence or fraud was involved and we can maximize an investor’s chances for a full financial recovery.
The first step is contact us today so that we can help you determine whether you have grounds for an investment loss recovery claim. If we decide to work together, know that you will only pay for our legal services if we obtain an award or settlement for you, which is where the fees would come out of not your own pocket.
We have years of experience representing investors in FINRA arbitration, litigation, and mediation. We have helped thousands of our clients to recoup full or partial financial recovery.
Talk To Our Retirement Loss Attorneys If You Suffered Losses While Working With a B Riley Wealth Management or National Securities Corp. Financial Advisor
Call Shepherd Smith Edwards and Kantas Retirement Loss Attorneys at (800) 259-9010 today.