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National Securities broker Michael Arnsman: Complaints

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Illinois-based National Securities broker Michael Arnsman (CRD# 2330850).

Michael Arnsman has spent 22 years in the securities industry and has been registered with National Securities in Lombard, Illinois since 2002. Previous registrations include First Union Securities Financial Network in St. Louis, Missouri (1999-2002); Josephthal & Company in New York, New York (1998-1999); H.J. Meyers & Company in Rochester, New York (1994-1998); Hibbard Brown & Company in New York (1993-1994); and Westfield Financial Corporation in New York (1994). Three of Mr. Arnsman’s former employers —H.J. Meyers & Company, Hibbard Brown & Company, and Westfield Financial — have since been expelled by the Financial Industry Regulatory Authority (FINRA).

According to his BrokerCheck report, Michael Arnsman is the subject of five customer complaints, one pending customer complaint, and one tax lien.

In 2015 a customer alleged Michael Arnsman, while employed by National Securities, acted negligently, breached his fiduciary duty, breached his contract, and recommended an unsuitable investment. The customer is seeking $861,228 in damages in the pending complaint.

In 2014 a customer alleged Michael Arnsman, while employed by National Securities, recommended unsuitable and speculative investments, executed excessive trades, breached his fiduciary duty, and misrepresented material facts related to an investment. The complaint settled for $80,000.

In 2014 the State of Illinois reported a tax lien of $10,854 against Michael Arnsman. The lien remains unsatisfied.

In 2012 a customer alleged Michael Arnsman, while employed by National Securities, breached his fiduciary duty, misrepresented and recommended an unsuitable investment, and acted negligently. The complaint settled for more than $61,000.

In 2012 a customer alleged Michael Arnsman, while employed by National Securities, breached his fiduciary duty, churned the customer’s account, recommended an unsuitable investment, and acted negligently. The complaint settled for $42,500.

In 2011 a customer alleged Michael Arnsman, while employed by National Securities, executed unauthorized and excessive trades, acted negligently, failed to supervise his representatives, and churned the customer’s account. The complaint settled for $250,000.

In 2011 a customer alleged Michael Arnsman, while employed by National Securities, misrepresented material facts related to an investment in a private placement. The customer sought $25,000 in damages in the complaint, which was denied.

In 2006 a customer alleged Michael Arnsman, while employed by National Securities, failed to supervise his representatives. The complaint settled for $15,000.

If you have lost money investing with Michael Arnsman or National Securities, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover your losses. All cases are taken on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.