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Broker Complaints: Northeast Securities (CRD# 25996)

The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding New York-based brokerage firm Northeast Securities (CRD# 25996).

Formed in New York in 1989, Northeast Securities is headquartered in Mitchelfield, New York and registered with 53 US states and territories. Stephen Perrone is Chairman and Chief Executive Officer; Paul Duffy is President; Marc Benedetto is Financial Operations Principal; Diane Hawkins is Chief Compliance Officer; Danny Nicholas is Chief Operating Officer.

According to the firm’s BrokerCheck report, Northeast Securities is the subject of fourteen regulatory sanctions and eleven customer complaints that evolved into arbitration.

In 2014 the Financial Industry Regulatory Authority (FINRA) sanctioned Northeast Securities following allegations the firm purchased or sold corporate bonds from or to customers but failed to do so at a fair price. Northeast Securities was censured and issued a $70,000 fine.

  • In 2014 a customer alleged Northeast Securities breached its fiduciary duty, misrepresented and omitted material facts, breached contract, and failed to supervise. The complaint resulted in an award to the customer of more than $126,500.
  • In 2012 FINRA sanctioned Northeast Securities following allegations the firm failed to report TRACE-eligible securities transactions within the proper time frame and failed to report the eligible transactions with the correct time. Northeast Securities was censured and issued a fine of $25,000.
  • In 2009 a customer alleged Northeast Securities engaged in churning, made unsuitable recommendations, executed unauthorized trades, and failed to supervise. The complaint resulted in an award to the customer of $66,800.
  • In 2008 a customer alleged Northeast Securities breached its fiduciary duty, misrepresented and omitted material facts related to an investment, and recommended an unsuitable investment. The complaint resulted in an award to the customer of $329,242.
  • In 2008 a customer alleged Northeast Securities breached its fiduciary duty and failed to supervise its representatives. The complaint resulted in an award to the customer of $80,000.
  • In 2004 a customer alleged Northeast Securities misrepresented material facts related to an investment and acted negligently. The complaint resulted in an award to the customer of $302,251.
  • In 2003 a customer alleged Northeast Securities breached its fiduciary duty, breached contract, made unsuitable stock recommendations, and acted negligently. The complaint resulted in an award to the customer of $240.
  • In 2001 a customer alleged Northeast Securities breached contract, failed to supervise its representatives, and acted negligently. The complaint resulted in an award to the customer of more than $86,300.

If you or someone you know has a complaint regarding Northeast Securities, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.