Investors should be aware of a recent complaint filed against a financial advisor in Naples, Florida. Vincent Virga allegedly recommended an unsuitable NorthStar Healthcare ReIT. Virga is not facing such accusations for the first time, his BrokerCheck report reveals six investor complaints.
In the most recent complaint filed in November 2023 it is alleged that Virga, as a Madison Avenue Securities representative, recommended unsuitable investment, including NorthStar Healthcare REIT. The complaint seeks unspecified damages. The investment amount is cited as being a staggering $1.1million.
Virga was also the subject of several other complaints in the past. In 2018, one complaint was filed alleging that Virga, as a Madison Avenue Securities agent, failed to disclose the commissions associated with the sale of mutual fund. The settlement for this complaint in 2020 was $22,141.45.
A second complaint was filed in 2021 accusing Virga for recommending unsuitable investments. The complaint was settled for $45,000 in 2022. In 2021, a similar complaint was filed alleging unsuitable investment recommendations. This included an investment in GPB Capital. In 2022, this complaint was settled for $14,900.
A fifth complaint was also filed in the year 2021. It alleged supervisory failings and unsuitable suggestions. The complaint was settled for $145,000. Virga also faced a six-fold complaint in 2018, accusing it of misrepresenting REITs and recommending them that weren’t suitable. In 2019, this complaint was settled for $14,500.
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Virga is a potential financial advisor, but these multiple complaints are a concern. Investors are advised to be cautious before considering working with Virga, since his past indicates that he has made a number of unsuitable financial recommendations.
Vincent Virga is a 17-year veteran of the securities industry. This information comes from the Financial Industry Regulatory Authority and Securities and Exchange Commission. He has been working as an investment advisor for AE Wealth Management in Naples, Florida since April 2023. Madison Avenue Securities, in Naples, Florida, from 2012 to 2023 and Prime Capital Services, in Bayonne New Jersey, from 2006 to 2009, were his previous registrations. PFS Wealth Management Group is his company since 2009.
Virga has passed several securities industry exams including the General Securities Representative Examination, the Securities Industry Essentials Examination, the Uniform Investment Adviser Law Examination and the Uniform Securities Agent State Law Examination. He is licensed to practice in Florida.
Investors that have lost money on investments because of unsuitable advice or other misconduct from financial advisors or firms can seek compensation. Consult with professionals who are experienced and can guide you throughout the process.
The investor complaint against Vincent Virga is a serious concern about his alleged unsuitable investments recommendations. It is important for investors to be cautious when working with Vincent Virga, given his history of investor complaints. If you have experienced investment losses, it’s a good idea to get legal advice and look into compensation options.