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Frank Congemi: One Pending Customer Complaint

Frank Congemi Public records published by the Financial Industry Regulatory Authority (FINRA) on September 18, 2016 indicate that Florida-based Securities America broker Frank Congemi has received a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Congemi (CRD# 1483380).

Frank Congemi has spent thirty years in the securities industry and has been registered with Securities America in Deerfield Beach and Howard Beach, Florida since July 2015. Previous registrations include LPL Financial in Howard Beach, New York; Mutual Service Corporation in Howard Beach, New York; Royal Alliance Associates in New York, New York; and First Investors Corporation in New York, New York. He is a registered broker with 25 US states and territories.

According to his BrokerCheck report, Frank Congemi has received one pending customer complaint and one denied customer complaint.

In May 2016 a customer alleged Frank Congemi, while employed at Mutual Service Corporation and LPL Financial, made unsuitable recommendations, breached his fiduciary duty, breached contract, and acted negligently in connection to mutual fund investments and an annuity. The customer is seeking $700,000 in damages in the pending complaint.

In 2014 a customer alleged Frank Congemi, while employed at LPL Financial, “did not provide her with information concerning available breakpoint for her Class A share mutual fund purchases” and charged an inappropriate wrap fee. The customer sought $18,000 in damages in the complaint, which was denied.

A mutual fund is a variety of investment that combines a collection of stocks, bonds, or other securities. The collection is referred to as a portfolio. Each share of a portfolio represents the investor’s ownership of the fund’s holdings and the income generated by these holdings. Mutual funds typically generate money for investors either by way of dividends on stocks and interests on bonds, or a capital gain on the sale of securities. Mutual funds also allow you to receive a check for the distributions or simply reinvest the earning into more shares. They are often inexpensive and easy to purchase; they also generally allocate risk well, and bring the benefit of professional management. However, they may also come with hidden fees, and trigger a capital gains tax when a fund manager sells a security. Brokers and investment advisers who engaged in misconduct related to mutual fund investments may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.

If you have complaints regarding or have lost money investing with Frank Congemi, you may be entitled to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta takes every case on a contingency basis, which means Fitapelli Kurta only gets paid if and when you collect money. By law there may be a limited window to file your claim, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.