In July, 2015, a three member FINRA arbitration panel issued a $61,000 binding arbitration award against Legend Securities for conduct related to two of their registered representatives Michael Mariani and Jason Klabal.
The underlying matter involved allegations that Legend Securities permitted a customer’s account to be churned, breached its fiduciary duty towards the Claimants, and failed to supervise brokers Mariani and Klabal. The award included reimbursement of $15,000 for expert witness fees and $5,000 as sanctions for discovery violations.
As a result of this award The Law Office of David Liebrader has opened an investigation into Legend Securities.
In order to lawfully sell investments to the public, a broker dealer must be registered. According to FINRA’s CRD disclosure report, Legend Securities is a New York corporation, formed in January 1998, and registered with FINRA, the SEC and in 51 states and territories.
Legend Securities broker check lists three customer complaints and ten regulatory investigations against the firm in 18 years as an active broker dealer in the brokerage industry.
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited.
If you are the victim of investment fraud, or if you have lost money investing with Legend Securities, please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.