Vincent Virga: PFS Advisor Faces $1.1 Million NorthStar REIT Complaint

A recent investor complaint against Naples, Florida financial advisor Vincent Virga (CRD# 5070668) alleges that he recommended an unsuitable investment in a NorthStar Healthcare REIT. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Madison Avenue Securities broker is currently an investment advisor with AE Wealth Management. He is also the owner of PFS Wealth Management Group.

Mr. Virga’s BrokerCheck report discloses six investor complaints. The most recent, filed in November 2023, alleges that as a representative of Madison Avenue Securities, he recommended unsuitable investments, including a NorthStar Healthcare REIT. The pending complaint alleges unspecified damages, identifying the investment amount as $1.1 million.

An earlier investor complaint, filed in 2018, alleged that as a Madison Avenue Securities representative, he did not disclose commissions involved in the sale of mutual funds. In 2020 the complaint reached a settlement of $22,141.45.

A third investor complaint, filed in 2021, alleged that he recommended unsuitable alternative investments. In 2022 the complaint reached a settlement of $45,000.

A fourth investor complaint, also filed in 2021, similarly alleged that he recommended unsuitable alternative investments, including an investment in GPB Capital. In 2022 the complaint reached a settlement of $14,900.

A fifth investor complaint, filed in 2021, alleged supervisory failures and unsuitable recommendations. The complaint reached a settlement of $145,000.

A sixth investor complaint, filed in 2018, alleged that he misrepresented and recommended unsuitable REITs. In 2019 the complaint reached a settlement of $14,500.

According to the Financial Industry Regulatory Authority and Securities and Exchange Commission, Vincent Virga holds 17 years of securities industry experience. Based in Naples, Florida, he has been an investment advisor with AE Wealth Management since April 2023. His past registrations include Madison Avenue Securities (Naples, Florida; 2012-2023) and Prime Capital Services (Bayonne, New Jersey; 2006-2009). He has been the owner of PFS Wealth Management Group since 2009. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Florida.  (Information current as of December 27, 2023.)

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