Michael Restagno: 150K REIT Complaint Against Aegis Advisor

Aegis Capital broker Michael Restagno (CRD# 5532695) has received pending investor complaints alleging his investment recommendations resulted in damages. Financial Industry Regulatory Authority records show that he is based in Garden City, New York and was formerly registered with National Securities Corporation in Mineola, New York.

Mr. Restagno’s BrokerCheck report discloses two pending investor complaints. The most recent, filed in March 2022, alleges that as a representative of Aegis Capital, he made unsuitable, excessive, and unauthorized trades, breached his fiduciary duty, engaged in negligence, and misrepresented and omitted material facts. The pending complaint alleges damages of $95,000.

A second complaint, filed in January 2022, alleges that as a representative of National Securities Corporation, he recommended investments in “risky illiquid REITs.” The pending complaint alleges damages of $150,000.

In 2011 FINRA issued an investor alert concerning the risks of non-traded real estate investment trusts, or REITs. Noting that their non-traded status creates illiquidity issues, the alert warned investors that they can come with costly fees, and that redeeming them early can be restrictive and expensive. More information about the risks of non-traded REITs can be found in FINRA’s investor alert.

According to the Financial Industry Regulatory Authority, Michael Restagno holds 14 years of securities industry experience. Based in Garden City, New York, he holds 14 years of securities industry experience. He was formerly registered with National Securities Corporation in Mineola, New York from 2008 until 2017. His credentials include the passage of three securities industry qualifying exams: 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 Colorado, Florida, Georgia, Iowa, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, and Tennessee. He is registered with two self-regulatory organizations (SROs): FINRA and the Nasdaq Stock Market. (Information current as of June 15, 2022.)

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