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Read MoreMichael Fasciglione: Aegis Advisor Has REIT Complaints
Garden City financial advisor Michael Fasciglione (CRD# 1806486) has received numerous investor complaints alleging he recommended unsuitable investments, including real estate investment trusts. Financial Industry Regulatory Authority records show that he is a broker with Aegis Capital, having previously been registered with National Securities Corporation.
Mr. Fasciglione’s BrokerCheck report discloses 19 investor complaints. The most recent, filed in February 2022, alleged that he recommended unsuitable investments in First Capital and ARC NYC REITs while at National Securities Corporation. The pending complaint alleges damages of $225,000.
A second complaint, filed in March 2022, also alleges that he unsuitably recommended an ARC NYC REIT. The pending complaint alleges damages of $200,000. A third complaint, filed in March 2022, alleges that he made unsuitable investment recommendations, executed unauthorized and excessive trades, breached his fiduciary duty, engaged in negligence, and misrepresented and omitted material facts while at Aegis Capital. The pending complaint alleges damages of $95,000.
A fourth complaint, filed in January 2022, alleges that Mr. Fasciglione invested the customer’s funds in risky, illiquid REITs while a representative of National Securities Corporation. The pending complaint alleges damages of $150,000. A fifth, filed in June 2021, alleges that he recommended unsuitable real estate investments while at National Securities. The pending complaint alleges damages of $1.7 million.
Another 2021 complaint alleged that as a National Securities Corporation representative, Mr. Fasciglione made unsuitable investment recommendations of real estate products. In April 2022 the complaint reached a settlement of $225,000. A similar 2021 complaint, also alleging unsuitable real estate investment recommendations, reached a settlement in March 2022 of $67,500.
According to the Financial Industry Regulatory Authority, Michael Fasciglione holds 33 years of securities industry experience. Based in Garden City, New York, he has been a broker with Aegis Capital since 2017. His past registrations include National Securities Corporation, First Montauk Securities, Oppenheimer & Company, Josephthal & Company, Continental Broker-Dealer Corp., Chatfield Dean & Company, the Stuart-James Company, Robert Todd Financial, Vanderbilt Securities, and J.T. Moran & Company. His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Connecticut, Minnesota, New York, and Pennsylvania. (Information current as of August 17, 2022.)
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