Customer Complaints Mount Against Michael Fasciglione

Public records provided and maintained by the Financial Industry Regulatory Authority (FINRA[1]) indicate that New York-based Aegis Capital broker Michael Fasciglione has received numerous resolved or pending customer disputes. The investor advocates at MDF Law are investigating complaints against Mr. Fasciglione (CRD# 1806486).

Fasciglione Involved in Multiple Customer Complaints

According to his BrokerCheck report[2], he has received 11 resolved customer complaints, seven pending customer complaints, and two regulatory sanctions.  These complaints aggregate to over $2 million.

In August 2021 a customer alleged Michael Fasciglione, while employed at National Securities Corporation, recommended an unsuitable real estate investment trust. The customer is seeking $125,000 in damages in the pending complaint.

In June 2021 a customer alleged Michael Fasciglione, while employed at National Securities Corporation, made an unsuitable recommendation in connection to an investment in real estate securities. The customer is seeking $1.7 million in damages in the pending complaint.

In June 2021 a customer alleged Michael Fasciglione, while registered with National Securities Corporation, advised the customer to invest in an unsuitable private placement. The customer is seeking $422,000 in damages in the pending complaint.

In 2020 a customer alleged that while associated with National Securities, he made an unsuitable investment involving a real estate product. The complaint settled in 2021 for $40,000.

In 2019 a customer alleged that while associated with Aegis Capital and National Securities, he breached his fiduciary duty, breached contract, acted negligently, misrepresented material facts, and recommended unsuitable securities in connection to private placement investments. The complaint settled in 2020 for $30,566.

In 2018 a customer alleged that while associated with National Securities, he breached his fiduciary duty and recommended an unsuitable real estate product. The complaint settled for $67,500.

In 2018 a customer alleged that while registered with National Securities, he breached his fiduciary duty, acted negligently, and recommended an unsuitable alternative investment. The complaint settled in 2019 for $135,000.

In 2014 a customer alleged that while an employee of National Securities, he made unsuitable private placement recommendations, acted negligently, breached contract, and breached his fiduciary duty. The complaint settled in 2016 for $525,000.

In 2002 a customer alleged that while associated with Josephthal & Company, he breached contract, misrepresented and omitted material facts, acted negligently, engaged in unauthorized trading, breached his fiduciary duty, and recommended unsuitable investments. The complaint resulted in an award to the customer of $300,000.

Michael Fasciglione Previously Registered with National Securities

Michael Fasciglione has spent 32 years in the securities industry and has been registered with Aegis Capital in Mineola, New York since 2017. His previous registrations include National Securities in Mineola, New York (2007-2017); First Montauk Securities in Port Washington, New York (2004-2007); Oppenheimer & Company in New York, New York (2002-2004); Josephthal & Company in New York, New York (1998-2002); Continental Broker-Dealer Corporation in Carle Place, New York (1991-1998); Chatfield Dean & Company in Greenwood Village, Colorado (1990-1991); and the Stuart-James Company in Denver, Colorado (1990). He has passed five securities industry examinations and hold licenses in five states.

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