Michael Alan Siegel Broker Investigation

New Jersey Broker Michael Alan Siegel faces Prison Sentence

Have you suffered losses investing with Michael Alan Siegel? If so, the securities attorneys at The White Law Group may be able to help you through FINRA Arbitration.

According to reports on June 26, former New Jersey broker, Michael Alan Siegel is allegedly facing three years in prison after pleading guilty to allegedly stealing more than $270,000 from an elderly couple.

Siegel reportedly worked with the couple, first while registered with Concorde Asset Management and then as an agent with National Securities Corp., from around July 2013 through January 2016.

In January 2014, Siegel reportedly recommended that the couple should invest in an options program, allegedly instructing them to make the checks out to him rather than to his firm, according to a statement from the Office of the Attorney General of New Jersey.

Unfortunately for the investors, there was no options program and Siegel purportedly kept the money for himself.

After reaching a plea deal with the attorney general, Siegel reportedly must pay restitution of the full amount to the surviving member of the couple. Further, the AG has reportedly recommended a three-year sentence, and Siegel is scheduled to be sentenced on Sept. 13, according to various news sources.

According to his BrokerCheck profile, Siegel has been a registered representative at 13 firms in his 19 years in the financial services industry. Most recently he was registered with National Securities Corp. until May 2016. FINRA reportedly barred Siegel in 2016 over his alleged failure to respond to a notice of suspension, according to his broker check report.

Additionally, In February 2018, the New Jersey Bureau of Securities fined Siegel $100,000, revoked his registration in the state and referred his case to the Division of Criminal Justice, according to FINRA.

Siegel has 4 customer disputes listed on his BrokerCheck profile, 2 are still pending. Allegations include misrepresentation, suitability, fraud, churning, and unauthorized trades.

Potential Lawsuits to Recover Losses

The White Law Group is investigating potential lawsuits regarding the liability that his former employers may have for failure to properly supervise Siegel.

When brokers abuse client accounts and conduct transactions that violate securities laws, such as churning, and unauthorized trades, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including New Jersey. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

If you have suffered losses investing with Michael Alan Siegel, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.

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