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.