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Former Financial Advisor With Portfolio Advisors Suspended by FINRA

Levin Law | 10.23.2019
Portfolio Advisors

Craig Siegel Suspended for Failing to Respond to Regulatory Agency

The Financial Industry Regulatory Authority (FINRA) suspended against Former Broker Craig Landon Siegel (CRD#: 5759415).  According to FINRA’s BrokerCheck, Siegel failed to respond to requests for information.  This failure to respond resulted in a two-month suspension under FINRA Rule 9552.  The suspension was lifted on July 16, 2019, but Siegel is not currently registered as a broker.

According to FINRA’s BrokerCheck, Siegel has three (3) pending customer disputes. A customer dispute from August 2016, alleges that the formerly registered broker engaged in “unsuitable recommendations, unsuitable concentration, breach of fiduciary duty, breach of contract, material misrepresentation/omission, negligence.”  The claimant is seeking damages in the amount of $240,463.93 and has presented claims of respondeat superior and Failure to Supervise against Mr. Siegel’s employer.

In April 2018, another customer dispute alleges Mr. Siegel was involved in “excessive trading, churning, unsuitable transactions, failure to supervise, respondeat superior” during a three year period.  The claimant is requesting damages in the amount of $99,300.56.

The most current dispute, initiated in October 2018, alleges that Mr. Siegel made “unsuitable investment recommendations, breach of regulatory requirements, breach of fiduciary duty, negligence and gross negligence and churning.”

Mr. Siegel was employed with Portfolio Advisors Alliance, LLC from June 2013 until August 2018.  Prior to that, he worked for John Thomas Financial, a firm that was eventually expelled by FINRA for several violations.

If you or a loved one has experienced losses because of a broker’s misconduct, you may be able to recover your losses through a FINRA arbitration.  Levin Law has successfully recovered millions on behalf of their clients. Contact Levin Law at (305) 402-9050or through a contact formtoday for more information and a free and confidential case consultation.

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