The New Jersey Bureau of Securities discovered that the broker had defrauded an elderly couple after befriending them
Did You Experience Losses Investing with Michael Siegel?
Brokerage firms are responsible for supervising their brokers and, under FINRA Rules, may be liable for their brokers’ misconduct. If you lost money investing with Michael Siegel, you may have a claim. Please call 866–827–3202 or contact Sonn Law Group today for a free consultation.
Michael Alan Siegel (CRD # 1950871) is a previously registered broker and investment advisor. Most recently, from 2014 to 2016, Mr. Seigel was a registered representative with National Securities Corporation, based in Edison, New Jersey.
Mr. Seigel was barred from the securities industry early in 2018 after an investigation by the New Jersey Bureau of Securities determined that he had made fraudulent statements to an elderly couple about their investments.
According to a press announcement, Mr. Seigel befriended and worked with a husband and wife, both in their 80s, regarding the stock market. Mr. Seigel then allegedly told the couple to write investment checks to Mr. Seigel for investment in options contracts. Instead of investing the money, however, Mr. Seigel kept it for himself.
Additionally, according to the Summary Penalty and Revocation Order issued by the Bureau, Mr. Siegel also convinced the couple to transfer their brokerage accounts to a broker-dealer with whom Mr. Seigel was associated.
The deception continued even after the husband died, and Mr. Seigel continued to allow the widow to write him checks and give him access to her email, bank accounts, and passwords.
Mr. Seigel has been ordered to pay restitution in the full amount to the widow, and the attorney general has recommended a three-year prison sentence.
Jeffrey R. Sonn is a securities fraud lawyer with more than three decades of successful experience representing investors nationwide. If you suffered illegitimate investment losses with Michael Siegel, Mr. Sonn can help. Contact our law firm today for a free case evaluation.