Vincent Virga (CRD #: 5070668), an investment adviser and broker registered with Madison Avenue Securities in Bayonne, New Jersey, has consented to a $5,000 fine from the Financial Industry Regulatory Authority, according to his BrokerCheck record, accessed on February 1, 2021. Virga also offers financial advisory services through PFS Wealth Management Group.
On November 20, 2020, Vincent Virga entered into an Acceptance, Waiver & Consent agreement with the Financial Industry Regulatory Authority (FINRA), in which he consented to the findings that he recommended an investor buy $480,000 in mutual fund shares without disclosing opportunities for the investor to save money.
For instance, mutual fund investors can often save money when they reach a “breakpoint,” i.e., the amount that qualifies the investor for a discount. Because the investor had existing mutual fund investments at another broker-dealer, the investor could have saved the $19,687 he paid Virga in commissions if had made purchases in the same mutual fund families as his previous mutual funds.
FINRA fined Virga $5,000 and imposed a restitutions sanction of $19,687. Virga also consented to a one-month suspension. You can read a copy of the AWC here.
Vincent Virga has passed the Series 63 Uniform Securities Agent State Law Examination, Series 65 Uniform Investment Adviser Law Examination, the Securities Industry Essentials Examination, and the Series 7 General Securities Representative Examination. He is a registered investment adviser in Florida and New Jersey, a registered broker in North Carolina.
During his 14 years of experience, Vincent Virga has only ever registered at one other firm: Prime Capital Services (CRD #: 18334).
If Vincent Virga was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for a free case consultation with a securities attorney.