Did Aegis Advisor Frank Giacalone Churn Investments?

A recent investor complaint against Melville, New York financial advisor Frank Giacalone (CRD# 4314174) alleges unauthorized trading and other forms of misconduct. Financial Industry Regulatory Authority records show that he is a broker with Aegis Capital and has received previous investor complaints that reached settlements.

Mr. Giacalone’s BrokerCheck report discloses several investor complaints. The most recent, filed in 2022, alleges that as a representative of Aegis Capital, he recommended unsuitable investments, misrepresented and omitted material facts, churned investments, breached his fiduciary duty, breached contract, and acted negligently. The pending complaint alleges damages of $139,224.

In a comment included with the pending complaint’s disclosure, Mr. Giacalone described the allegations as meritless. “The client is a sophisticated investor,” he added. “All recommendations were consistent with the client’s best interest, based on their stated risk tolerance, objectives, and financials, among other criteria.”

An earlier investor complaint, filed in 2016, alleged churning, unsuitable investment recommendations, unauthorized trading, negligence, breach of fiduciary duty, breach of contract,, and misrepresentation of material facts while he was at Obsidian Financial Group and Aegis Capital. In 2017 the complaint reached a settlement of $27,500.

A third investor complaint, filed in 2015, alleged unsuitable investment recommendations while he was a representative of Obsidian Financial and Aegis Capital. In 2016 the complaint reached a settlement of $80,000.

According to the Financial Industry Regulatory Authority, Frank Giacalone holds 22 years of securities industry experience. Based in Melville, New York, he has been a broker with Aegis Capital since 2012. His registration history includes Obsidian Financial Group (Woodbury, New York; 2008-2012), Empire Financial Group (Uniondale, New York; 2005-2008), Ehrenkrantz King Nussbaum (Melville, New York; 2001-2005 and New York, New York; 2001), and Weatherly Securities Corporation (New York, New York; 2001). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 44 state licenses. (Information current as of March 21, 2023.)

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