According to publicly-available records provided by the Financial Industry Regulatory Authority (FINRA) on August 1, 2016, former New Jersey-based National Securities broker Michael Siegel is currently not licensed to act as a broker or an investment adviser. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Siegel (CRD# 1950871).
Michael Siegel has spent 19 years in the securities industry and was most recently registered with National Securities in Edison, New Jersey (2014-2016). Previous registrations include Concorde Investment Services in Parsippany, New Jersey; Foresters Equity Services in San Diego, California; the Investment Center in Warren, New Jersey; OneAmerica Securities in Bridgewater, New Jersey; Hornor Townsend & Kent in Edison, New Jersey; MetLife Securities in Staten Island, New York; Merrill Lynch in Short Hills, New Jersey; AXA Advisors in Woodbridge, New Jersey; First Institutional Securities in West Paterson, New Jersey; AG Edwards & Sons in St. Louis, Missouri; and Broadway Financial Investment Services. He is currently not registered with any state or firm.
According to his BrokerCheck report, Michael Siegel has received two pending customer complaints.
In July 2016, a customer alleged Michael Siegel, while employed at Concorde Investment Services and National Securities, misrepresented material facts, made unsuitable recommendations, committed forgery, churned the account, and engaged in fraud connected to real estate investment trust and equity investments. The customer is seeking more than $2,016,000 in damages in the pending complaint.
In July 2016, a customer alleged Michael Siegel, while employed at Concorde Investment Services and National Securities, misrepresented material facts, committed fraud, made unsuitable recommendations, and churned the account. The customer is seeking more than $2,000,000 in damages in the pending complaint.
A real estate investment trust, or REIT, is an entity that owns assorted forms of real estate, or interests in real estate. As an investment product, REITs use the combined funds from a pool of investors to purchase real estate property; they can be publicly traded or privately held, traded on the stock market or not traded at all. As such, they are highly illiquid investments. While they have the benefit of extending new opportunities to investors who otherwise could not access certain real estate investments, non-traded REITs may be particularly risky for short-term investors and even long-term investors. They are additionally taxed on an individual level and can lead to property taxes as high as 25% of the sum operating expenses. Investment professionals who recommend unsuitable REITs may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has lost money investing with Michael Siegel, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: Fitapelli Kurta if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.