Madison Avenue Securities has a history of customer and regulatory complaints. Madison Avenue Securities is a licensed broker-dealer registered with FINRA, or the Financial Industry Regulatory Authority. Madison Avenue Securities has been a FINRA member firm since December 1988. The firm has 43 branch offices and 103 registered representatives.
Complaints against Madison Avenue Securities are adjudicated through arbitrations conducted by FINRA, or the Financial Industry Regulatory Authority. As a FINRA member firm, Madison Avenue Securities must arbitrate any customer complaints before FINRA. Our law firm exclusively handles FINRA arbitrations on behalf of investors who have sustained losses at the firm. We are investigating complaints against Madison Avenue Securities and are interested in hearing from investors who believe they may have a claim against the firm stemming from wrongful conduct by their stock broker.
In May 2014, the Illinois Securities Department filed a complaint against Madison Avenue Securities for its failure to detect a $7 million Ponzi scheme. This Ponzi scheme orchestrated by former Madison Avenue Securities broker, Algird Norkus, resulted in 14 related customer complaints against Madison Avenue Securities. The Madison Avenue Securities broker was eventually sentenced to five years in federal prison for orchestrating the Ponzi scheme under the watch of Madison Avenue Securities. The 2014 regulatory complaint against the firm filed by the Illinois Securities Department is still pending.
In 2011, the Indiana Secretary of State filed a complaint against Madison Avenue Securities alleging that it allowed an inexperienced broker to misstate his qualifications. The Securities Division referred to Madison Avenue Securities’ conduct with respect to this complaint as a “dishonest and unethical.” Madison Avenue Securities was fined for this complaint and wrongful conduct.
In addition to this activity, FINRA disclosures indicate that Madison Avenue Securities has been the subject of other complaints. These complaints were initiated on behalf of customers as well as FINRA itself. These complaints include allegations that Madison Avenue Securities failed to properly supervise its brokers who engaged in wrongdoing in their clients’ accounts.
If you or someone you know lost money investing with Madison Avenue Securities please contact the securities and investment fraud law firm Fitapelli Kurta today. Our firm will evaluate your complaint against Madison Avenue Securities for free to determine if you have a viable claim against the firm. Do not delay.