Adverse Investment Disclosure Events Involving Broker Frank Avallone

Print Friendly, PDF & Email

Frank Avallone is currently registered as a broker with Ceros Financial Services, Inc. Mr. Avallone has four customer complaints reported on his FINRA BrokerCheck report.

Mr. Avallone was formerly a registered broker and Financial Advisor at National Securities Corp. He has eleven years of experience in the securities industry and worked at Newbridge Securities Corp prior to joining National Securities.

In December 2013, a customer alleged that Mr. Avallone was responsible for the customer’s investment losses due to unsuitability, breach of fiduciary duty, churning, violation of conduct rules, and breach of contract. The case was settled for $6,100.

In November 2019, a customer alleged Mr. Avallone’s advice was unsuitable for that particular customer. The matter was resolved between the client and the issuer.

In June of 2022, a customer alleged that Mr. Avallone’s investment advice was unsuitable, a breach of fiduciary duty, a breach of contract, fraud, and a violation of FINRA Rule 2210. The case is currently pending in FINRA Arbitration.

In November of 2022, a customer filed a complaint alleging Mr. Avallone’s investment advice was unsuitable, a conflict of interest, and a breach of duty of loyalty. The customer is seeking damages of approximately $2,700,000. This case is also pending in FINRA Arbitration.

Suitability refers to whether or not a recommended security is appropriate for a particular client/investor. Several factors, such as age, risk tolerance, and investment goals, must be considered when making a recommendation. Brokerage firms are required to implement a system that ensures all recommendations are appropriate for their clients. A failure to utilize such a system can result in a client making an unsuitable purchase, and thus the firm could potentially be liable for potential damages.

If you invested through Frank Avallone, Ceros Financial Services, Inc., or National Securities Corp. and sustained financial losses, you are encouraged to contact the Securities and Business Litigation team at Levin, Papantonio, Rafferty, Proctor, Buchanan, O’Brien, Barr & Mougey, P.A. for a free investment portfolio evaluation.

Why Choose Our Law Firm

  • We have recovered over $500 million in securities and investment fraud cases
  • We have represented over 4,000 individual investment fraud victims
  • We have represented over 1,500 state, municipal, and institutional entities
  • Our attorneys include the former President and a current Director of the National Securities Bar (PIABA)
  • We have successfully recovered full awards in arbitration for numerous clients, including awards of well-managed damages, attorney’s fees, and costs.
  • We have been appointed and served in leadership roles in more than seventy Multi-District Litigations (MDLs) around the country, including the In re National Prescription Opiate Litigation MDL, which has been called “the largest and most complex case in the history of jurisprudence” by the Washington Post.
  • We work on a contingency fee basis, meaning we charge no upfront costs and no fees unless we first make a recovery for you.

Our Fees & Costs

Our lawyers provide free confidential case evaluations, and we never charge any fees or costs unless you first recover.

The contingency fee we charge ranges from 20% to 40%. The amount we charge is based on how much we recover for you. To review a summary of our fees and costs, click Fees & Costs.

Free Case Evaluation

To contact us for a free confidential consult, you can call us at (800) 277-1193. You also can request a free private and confidential evaluation by clicking Free & Confidential Consult. Your inquiry will be immediately reviewed by one of our attorneys who handles securities litigation.