Michael Siegel, of Livingston, New Jersey, Allegedly Committed Second-degree Theft by Deception from an Elderly Couple; Siegel Has Been Barred by FINRA

Michael Siegel, 62, and of Livingston, N.J., allegedly convinced an elderly couple to invest their hard-earned into a phony investment program, according to Reports from the New Jersey Attorney General Gurbir Grewa under review by investor rights attorney Alan Rosca.

Siegel allegedly made friends with said couple before becoming their investment broker, according to Reports from New Jersey, and allegedly convinced the couple in 2013 to transfer their investment accounts, which totaled well over $2 million, to his various new employers.

Siegel then moved to another brokerage firm in the spring of 2014, and the couple once again transferred their investments in order for Siegel to manage them, the Reports state.

Siegel, starting around January 2014, allegedly encouraged said couple to invest in a so-called options program, which he purportedly described as a safe institutional trading program for preferred customers, the Reports note.

Siegel also allegedly further persuaded the couple that they needed to make their checks for investments in the program payable to him, and the elderly pari purportedly provided Siegel with 49 checks totaling $270,283 to invest in the program, the Reports state.

Siegel, however, had allegedly fabricated said options program, and Siegel allegedly used said cash for his own personal use, the Reports detail.

Siegel was registered with National Securities Corporation in Edison, New Jersey from April 21, 2014 to May 13, 2016, and with Concorde Investment Services, LLC in Parsippany, New Jersey from September 19, 2013 until April 22, 2014, according to Michael Siegel’s FINRA BrokerCheck Report.

Siegel was also barred by FINRA on October 28, 2016 from associating with any FINRA member in any capacity, FINRA notes.

Investor rights attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Michael Siegel’s alleged second-degree theft by deception.

Investors who believe they may have lost money in activity related to Michael Siegel’s alleged second-degree theft by deception are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Michael Siegel Pleaded Guilty to Alleged Second-degree Theft; Siegel Reportedly Must Pay Full Restitution of $270,283 to the Now Widowed Woman Whose Funds he Allegedly Stole

Michael Siegel allegedly pleaded guilty recently to stealing $270,000 from an elderly couple by purportedly deceiving them into investing in the aforementioned fictitious investment program, according to statements from New Jersey Attorney General Gurbir S. Grewal.

Michael Siegel reportedly pleaded guilty before Superior Court Judge Verna G. Leath in Essex County, and, under the plea agreement, the state of New Jersey will recommend that he be sentenced to three years in state prison, and Siegel must reportedly pay full restitution of $270,283 to the aforementioned woman whose funds he stole, the Reports note.

The woman’s husband is now deceased, the Reports detail, and Siegel is scheduled to be sentenced on Sept. 13, 2019.

Siegel’s registration as a broker-dealer agent in New Jersey was revoked on February 1, 2018, by the Bureau of Securities, and was assessed civil monetary penalties of $100,000, according to Reports from the New Jersey Bureau of Securities.

Attorney General Grewal has made the following statement:

Investors count on their brokers to act with honesty and integrity in managing their investments, but Siegel callously betrayed the trust of his victims by stealing over a quarter of a million dollars from them… We are committed to protecting New Jersey’s investors by holding dishonest brokers accountable through civil actions as well as criminal prosecutions, where appropriate.

Director Veronica Allende of the Division of Criminal Justice has also commented on the case:

We will continue to work with the Bureau of Securities to protect investors and ensure that dishonest brokers like Siegel face justice.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Michael Siegel’s alleged second-degree theft by deception. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Michael Siegel’s alleged second-degree theft by deception may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

filed under: Investigations

Tags: , , ,

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.