Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on January 18, 2019 indicate that North Carolina-based Capital Investment Group broker Seth Nannini, who has received a pending customer dispute, was recently sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Nannini (CRD# 4406510).
Seth Nannini has spent 17 years in the securities industry and has been registered with Capital Investment Group in Charlotte and Boone, North Carolina since 2006. Previous registrations include MML Investors Services in Charlotte, North Carolina (2005-2006); Equity Services in Montpelier, Vermont (2003-2005); Veravest Investments in Worcester, Massachusetts (2002-2003); and Morgan Stanley DW in Purchase, New York (2001-2002). He has passed four securities industry examinations: Series 66 (Uniform Combined State Law Examination), which he obtained on August 14, 2001; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; Series 31 (Futures Managed Funds Examination), which he obtained on August 31, 2001; and Series 7 (General Securities Representative Examination), which he obtained on July 19, 2001. He is a registered broker with eight US states: Florida, Georgia, Indiana, North Carolina, South Carolina, Tennessee, Texas, and Virginia.
According to his BrokerCheck report, he has received one FINRA sanction and one pending customer complaint.
In December 2018 FINRA sanctioned him in connection to allegations he was involved in private securities transactions for which he did not provide prior written notice to, or receive prior approval from, his member firm, totaling $291,500. According to FINRA’s findings, he solicited a pair of firm clients to invest a combined sum of $290,000 in a biotechnology manufacturing company and facilitated their investments, but routing one of the client’s funds from their firm account through an outside IRA before investing them in the biotechnology company, “which made it more difficult for the firm to identify that the customer was investing in the company.” When the company in question later filed for bankruptcy before either of the customers received payments, one of them lost all of their investment, though she later received $72,500 in an arbitration claim; the other client only recovered $788 of his invested $70,000 during the company’s bankruptcy proceeding. FINRA’s findings also state that Nannini “also purchased shares of the company’s stock for $1,500 without providing written notice to the firm of his personal investment” and later inaccurately reported in compliance questionnaires that he had not been involved in private securities transactions. He was ordered to pay restitution of $7,500 and issued a suspension of four months, set to begin on January 22, 2019.
In April 2016 a customer alleged Seth Nannini, while employed at Capital Investment Group, committed fraud, negligently misrepresented material facts, acted negligently, and violated the North Carolina Securities Act. The customer is seeking $120,000 in damages in the pending complaint.
If you have complaints regarding Seth Nannini, call the experienced attorneys at Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on a contingency basis: we only receive payment if and when you recover money. You may have a limited window by law to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.