Stoltmann Law Offices is investigating Vito James Balsamo, a former registered representative with National Securities Corporation. Allegedly, Balsamo solicited securities to three investors, who were also his clients. The securities involved ownership interests in V.W. Industries. The Financial Industry Regulatory Authority (FINRA) alleged that the securities offerings were outside the scope of National Securities Corporation, but that the company wanted Balsamo to sell interests in the company by promising him ownership interests. Balsamo was able to secure $475,000 from the three investors without the knowledge or approval of his firm. This is known as selling away, and is when a broker solicits a client to purchase securities not held or offered by the brokerage firm he is associated with. This activity is a violation of securities regulations.
Mr. Balsamo was registered with D.H. Blair & Co., Thomas James Associates, Barington Capital Group, Joseph Stevens & Company, LCP Capital Corp., and National Securities Corporation. He has four customer disputes against him, one of which is pending. He is not currently associated with any FINRA member firm, nor is he licensed to act as a broker or investment advisor.
If you invested money with Vito James Balsamo, his former firm, National Securities Corporation, can be sued for investment losses. They had a duty to reasonably supervise him while he was employed there, and since they did not, they can be held liable for monetary losses. Please call our securities law firm in Chicago at 312–332–4200 to speak to an attorney.
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