Call Now For a Free Consultation:
(614) 502-6165

Former National Securities Corporation Broker Vito James Balsamo Accused of Misconduct

Vito James Balsamo (CRD# 2084901) is a former registered broker with National Securities Corporation in New York City. According to a complaint filed against Balsamo by FINRA’s Department of Enforcement, from June 21, 2010 through September 15, 2010, Balsamo solicited securities to three investors, all of whom were Balsamo’s clients at National Securities Corporation. These securities involved ownership interests in V.W. Industries, LLC.

According to FINRA, these securities offerings in V.W. Industries were outside the scope of National Securities Corporation business. FINRA also alleged in the complaint that V.W. Industries incentivized Balsamo to sell interests in this company by promising him ownership interests for doing so. Overall, Balsamo was allegedly able to secure approximately $475,000 from the three investors without the approval from his firm.

“ Selling away” means that a broker is selling or offering securities that are not offered or approved by the brokerage firm he or she is affiliated with. Brokerage firms put a lot of effort into carefully researching and approving the investment products they allow their brokers to offer to their clients, and a broker who engages in “selling away” is acting inappropriately.

Although the firm may be unaware that one of its brokers is offering these outside investments, brokerage firms do have a basic duty to supervise the actions of their employees. In a case of “selling away,” it may be possible to also hold the brokerage firm responsible for the losses sustained by victims of stockbroker misconduct or fraud because of a failure to supervise.

Did you invest in V.W. Industries, LLC at the recommendation of Vito Balsamo? We invite you to contact a securities fraud lawyer at Meyer Wilson today for a free review of your case. Get in touch with us today to tell us what happened.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram