Advisor, VINCENT SCIABICA Suspended for 6 Months
Vincent Sciabica, formerly of Morgan Stanley, Suspended 6 Months from Securities Industry
Have you lost money with financial advisor Vincent Sciabica of Albany, New York? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Vincent Alan Sciabica. FINRA suspended Sciabica from the securities industry for 6 months and fined him $5,000 after he was alleged to have engaged in short-term trading of Unit Investment Trusts (or UITs) in 359 customer accounts.
UITs are not designed for short-term trading because of their commissions and costs of trading. Between January 2013 and August 2014, Vincent Sciabica recommended on numerous occasions that his customers sell their UITs and then purchase new, different UITs. FINRA alleged this to be unsuitable in view of the frequency and costs of trading.
Vincent Sciabica was a financial advisor and registered representative of Morgan Stanley from 2002 to September 2014. He worked at branch offices in Albany, New York. Sciabica was also terminated from Morgan Stanley regarding allegations that he made unauthorized transactions in UITs.
Brokerage firms like Morgan Stanley have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michgan; and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in upstate New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Morgan Stanley.
Click to view: Sciabica, Vincent FINRA AWC
Click to view: Sciabica, Vincent BrokerCheck 1.26.18
If you lost money with Vincent Sciabica or Morgan Stanley, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
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