June 2024 – Del Mar, CA
According to publicly available records Mark Fred Augusta (CRD#1333913) , a stockbroker who is currently registered with Hilltop Securities, Inc., disclose 21 prior customer disputes, 2 pending customer disputes and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
A customer of Hilltop Securities has made a claim for an unspecified amount of damages alleging that Mark Augusta made an excessive amount of trades and charged excessive fees and commissions. That matter is currently pending.
What is Excessive Trading (Churning)?
Churning According to U.S. Securities and Exchange Commission (SEC)
Augusta has a lengthy FINRA disciplinary record. Customer settlements include the following:
In 2021 a customer of Wedbush Securities was paid $30,000 to resolve allegations that Augusta made unsuitable recommendaitons from 2013-2015.
In another case in 2021 a customer of Wedbush Securities and Hilltop Securities was paid $99,999 to resolve allegations that Augusta made unsuitable recommendations and traded the account without authorization.
In February 2019, a Wedbush Securities customer alleged unauthorized and unsuitable investments with damages of $398,832. The case is pending.
In March of 2018, a Wedbush Securities , Inc. customer filed FINRA case 18-00975 alleging breach of fiduciary duty, constructive fraud, fraud by material misrepresentations/omissions, breach of written contract and elder abuse. The case was settled for $73,900.
In March 2016, Mark Augusta was the subject of FINRA Case 16-0847, brought by a customer of Wedbush Securities, who asserted violations of state and federal securities laws and FINRA/SEC Rules; breach of fiduciary duty; unsuitable recommendations; failure to supervise; constructive fraud, common law fraud and fraud by material misrepresentations/omissions; unjust enrichment; unauthorized trading and elder financial abuse. A FINRA arbitration panel awarded the customer $1,866,473.
Augusta is currently employed with Hilltop Securities. He was previously employed with Wedbush Securities, Inc., from January 2011 until May 2015 when he voluntarily resigned after after a customer complaint was filed against him. Other places of Augusta’s employment were Stone & Youngberg, Piper, Jaffray & Co. and Miller & Schroeder Financial, Inc.
Other Cases Involving Unauthorized Trading
Discretionary vs. Non-Discretionary Accounts
If you have questions about an investment account handled by Mark Augusta, contact us for a no charge consultation to learn about your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Nationwide Representation
TollFree: 877-224-3199
Florida-561 391 1900
Texas-512-329-2870
