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National Securities broker Stuart Updegrove: Complaints

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Connecticut-based National Securities broker Stuart Updegrove (CRD# 2273334).

Stuart Updegrove has spent 21 years in the securities industry and has been registered with National Securities in Norwalk, Connecticut since 2009. Previous registrations include Eastbrook Capital Group in New York, New York (1996-1999); Northeast Securities in Mitchelfield, New York (1995-1996); Sands Brothers & Company in New York, New York (1994-1995); Prudential Securities in New York, New York (1993-1994); and Nori, Hennion, Walsh Incorporated in Parsippany, New Jersey (1992). One of Mr. Updegrove’s former employers, Eastbrook Capital Group, has since been expelled by the Financial Industry Regulatory Authority (FINRA).

According to his BrokerCheck report, Stuart Updegrove is the subject of one customer complaint, one pending customer complaint, and five complaints that have been either closed or denied.

In 2014 a customer alleged Stuart Updegrove, while employed at National Securities, made an unsuitable investment recommendation. The customer is seeking more than $851,300 in the pending complaint.

In 2012 a customer alleged Stuart Updegrove, while employed at National Securities, executed unauthorized trades. The customer sought unspecified damages in the complaint, which was closed with no action taken.

In 2012 a customer alleged Mr. Updegrove, while employed at National Securities, recommended an unsuitable investment. The customer sought $37,000 in damages in the complaint, which was closed with no action taken.

In 2009 a customer alleged Stuart Updegrove, while employed at National Securities, executed unauthorized trades and used high-pressure sales tactics. The customer sought $7,061 in damages in the complaint, which was denied.

In 2009 a customer alleged Stuart Updegrove, while employed at Eastbrook Capital Group, misrepresented material facts related to an investment. The customer sought $47,400 in the complaint, which was closed with no action taken.

In 1998 a customer alleged Mr. Updegrove, while employed at First Republic Group, executed unauthorized trades and excessive trades, and churned the customer’s account. The complaint settled for $60,000.

FINRA rules and federal securities law maintain that brokers like Stuart Updegrove are obligated to recommend only investments that are suitable for their clients. They must consider such factors as age, investment experience, investment goals, income, net worth, and risk tolerance. They may not omit or misrepresent material facts pertaining to the product in a manner that might lead clients to make unsuitable investments. Brokerage firms have a supervisory duty to ensure that their brokers comply with these regulations. Brokers and firms who engage in misrepresentation and/or unsuitability may be subject to disciplinary action.

If you have complaints regarding Stuart Updegrove or National Securities, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be able to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.