Barred from FINRA for allegations of theft, misrepresentation, unsuitability, fraud, churning, and unauthorized trades
If you’ve lost money investing with Michael Alan Siegel or National Securities, you may have a claim. Contact Sonn Law today or call us anytime at 866–827–3202 to schedule a free consultation.
Former National Securities Broker Michael Alan Siegel (CRD#1950871) has been barred from FINRA for allegations of theft, misrepresentation, unsuitability, fraud, churning, and unauthorized trades.
According to State of New Jersey court records, Siegel is facing a prison sentence of three years after pleading guilty to allegedly stealing more than $270,000 from an elderly couple.
Siegel was most recently registered with Concorde Investment Services, Concorde Asset Management, and National Securities Corporation.
In January 2014, Siegel reportedly recommended that the couple should invest in an options program, allegedly instructing them to make the checks out to him rather than to his firm, according to a statement from the Office of the Attorney General of New Jersey.
After reaching a plea deal with the attorney general, Siegel reportedly must pay restitution of the full amount to the surviving member of the couple.
The attorney general has recommended a three-year sentence, and Siegel is scheduled to be sentenced on September 13th.
According to his BrokerCheck profile, Siegel has been a registered representative at 13 firms in his 19 years in the financial services industry. Most recently he was registered with National Securities Corp. of Edison, New Jersey, until May 2016, when he was barred by FINRA for his alleged failure to respond to a notice of suspension.
Additionally, in February 2018, the New Jersey Bureau of Securities fined Siegel $100,000, revoked his registration in the state, and referred his case to the Division of Criminal Justice, according to FINRA.
Siegel has four customer disputes listed on his BrokerCheck profile, two of which are still pending. Allegations include misrepresentation, unsuitability, fraud, churning, and unauthorized trades.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.