Did you lose money investing with Seth Nannini (CRD# 4406510)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Seth Nannini. If you suffered losses investing with Seth Nannini, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of October 14, 2020, Seth Nannini’s FINRA BrokerCheck Report contains the following:
Disclosure Events
2 Customer Dispute(s)
1 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2016049895201
UPDATE 10/13/2020: According to FINRA’s February 2019 Disciplinary Actions: “Seth Andrew Nannini (CRD #4406510, Charlotte, North Carolina) December 21, 2018 – An AWC was issued in which Nannini was suspended from association with any FINRA member in all capacities for four months and ordered to pay $7,500, plus interest, in restitution to a customer. In light of Nannini’s financial status no fine has been imposed and the restitution amount was reduced. Without admitting or denying the findings, Nannini consented to the sanctions and to the entry of findings that he participated in private securities transactions totaling $291,500 without providing written notice to or approval from his member firm. The findings stated that Nannini solicited two firm customers to invest a total of $290,000 in a biotech manufacturing company and facilitated their investments. Nannini routed one of the customers’ funds from the customer’s firm account through an Individual Retirement Account (IRA) outside of the firm before investing the funds in the company, which made it more difficult for the firm to identify that the customer was investing in the company. The company filed for bankruptcy prior to making any payments to either customer. As a result, one of the customers lost all of the money she invested in the company. She later obtained $72,500 after filing an arbitration claim arising from her investments, which she settled with the firm, Nannini and two other parties. The other customer recovered only $788 of the $70,000 he invested, as part of the company’s bankruptcy proceeding. Nannini also purchased shares of the company’s stock for $1,500 without providing written notice to the firm of his personal investment in the company. The findings also stated that Nannini submitted compliance questionnaires to the firm in which he inaccurately stated that he had not engaged in any private securities transactions. The suspension is in effect from January 22, 2019, through May 21, 2019. (FINRA Case #2016049895201)”
Current and Previous Registrations
12/08/2006 – PRESENT CAPITAL INVESTMENT GROUP, INC. (CRD#:14752) BOONE, NC
09/20/2005 – 12/13/2006 MML INVESTORS SERVICES, INC. (CRD#:10409) CHARLOTTE, NC
12/15/2003 – 09/21/2005 EQUITY SERVICES, INC. (CRD#:265) MONTPELIER, VT
08/07/2002 – 11/18/2003 VERAVEST INVESTMENTS, INC. (CRD#:3960) WORCESTER, MA
07/20/2001 – 06/17/2002 MORGAN STANLEY DW INC. (CRD#:7556) PURCHASE, NY
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Seth Nannini and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
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Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.