Jack F. Bruscianelli (CRD# 2113986) is a longtime stockbroker and general securities principal currently registered with B. Riley Wealth Management in Oakbrook Terrace, Illinois, and our firm is investigating allegations that he recommended unsuitable investments and engaged in other sales practice violations that led to significant investor losses.
Stockbroker’s Career History
According to FINRA BrokerCheck, Jack F. Bruscianelli has been in the securities industry since 1991 and is currently approved as both a General Securities Representative and General Securities Principal with B. Riley Wealth Management (CRD# 2543). He is licensed in approximately 20 U.S. states and territories, including Illinois, Florida, New York, California, and Texas.
His current registrations and branch offices include:
- B. Riley Wealth Management, 40 South Main, Suite 1600, Memphis, Tennessee – main office
- B. Riley Wealth Management, 1 Tower Lane, Suite 2225, Oakbrook Terrace, Illinois – branch office
- B. Riley Wealth Management, 200 South Wacker Drive, Suite 700, Chicago, Illinois – branch office
Bruscianelli’s prior registrations include a long tenure at National Securities Corporation and several other firms:
- National Securities Corporation (CRD# 7569), Oakbrook Terrace, IL – 01/2002 to 07/2022
- First Union Securities Financial Network, Inc. (CRD# 11025), St. Louis, MO – 02/1999 to 12/2001
- Auerbach, Pollak & Richardson Inc. (CRD# 29824), Stamford, CT – 01/1999 to 02/1999
- The Agean Group, Inc. (CRD# 30835), Boca Raton, FL – 11/1998 to 11/1998
- H.J. Meyers & Co., Inc. (CRD# 15609), Rochester, NY – 09/1994 to 10/1998
- Hibbard Brown & Co., Inc. (CRD# 18246), New York, NY – 03/1991 to 09/1994
In addition to his brokerage work, Bruscianelli has reported outside business activities, including a non-investment-related real estate company (Brumar) in Woodridge, Illinois, and an investment-related DBA, JBT Wealth Management, for securities business conducted through B. Riley Wealth Management.
Jack F. Bruscianelli Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck for Jack F. Bruscianelli discloses one regulatory event and five customer disputes, including a pending FINRA arbitration filed in 2025 alleging unsuitable recommendations in individual stocks and an exchange-traded fund.
Below is a breakdown of the reported regulatory matter and customer complaints.
Regulatory Action – Indiana Securities Department
In 1999, the Indiana Securities Department initiated a regulatory action against Bruscianelli related to his disciplinary history:
- Regulator: Indiana Securities Department
- Case No.: 99-0065 OP
- Date Initiated: May 28, 1999
- Allegations: The regulator stated that Bruscianelli’s disciplinary history raised questions about issuing an agent registration in Indiana.
- Product Type: No product specified
- Resolution: Stipulation and Consent (Final) – June 16, 1999
- Sanction: Registration approved with restrictions pursuant to an indefinite order of restriction (described as a “restrictive agreement”).
This regulatory event indicates that Indiana imposed special conditions on his registration due to prior concerns about his record, even though the action did not focus on a specific transaction or security.
Customer Disputes – Private Placements, OTC Stocks, and Account Activity
Bruscianelli’s BrokerCheck report shows multiple investor complaints and arbitrations alleging unsuitability, securities fraud, excessive trading, misrepresentation, and other sales practice violations.
Key reported events include:
- 1998–1999 NASD Arbitration – H.J. Meyers & Co., Inc.
- Firm at Issue: H.J. Meyers & Co., Inc.
- Allegations: As branch office manager, Bruscianelli was named in connection with alleged excessive and unsuitable trading, misrepresentations and omissions, violations of federal securities laws, common law fraud, breach of fiduciary duty, and violations of the Illinois securities law.
- Product Type: OTC equity
- Claimed Damages: $372,935 plus punitive damages, interest, costs, and attorney’s fees
- Regulator/Forum: NASD arbitration, Case No. 98-02475
- Disposition: Settled on August 23, 1999
- Monetary Compensation: $15,000, all of which came from Bruscianelli’s individual contribution.
- 2009–2010 FINRA Arbitration – National Securities Corporation (OTC Equity)
- Firm at Issue: National Securities Corporation
- Allegations: Securities fraud, breach of fiduciary duties, breach of contract, and negligence in connection with OTC equity transactions.
- Product Type: Equity – OTC
- Claimed Damages: $200,000
- Notice Served: July 31, 2009
- Disposition: Settled on June 23, 2010
- Monetary Compensation: $28,750 total, including $18,750 contributed by Bruscianelli personally.
- 2012 Customer Complaint – Poor Performance (Closed/No Action)
- Firm at Issue: National Securities Corporation
- Allegations: “Poor performance” relating to corporate debt, OTC and listed equities, and mutual funds.
- Alleged Damages: Not specified; firm noted it could not make a good-faith determination that damages would be less than $5,000.
- Status: Closed/No Action with no settlement reported and no payment to the customer.
- 2017–2018 FINRA Arbitration – Private Placements and Unsuitable Recommendations
- Firm at Issue: National Securities Corporation
- Allegations: Unsuitable recommendations and breach of fiduciary duty involving private placements.
- Product Type: Private placements
- Claimed Damages: $300,000
- Case Filed: April 14, 2017 (FINRA Arbitration No. 17-00916)
- Status: Reported as settled on August 3, 2018, with a settlement amount of $0.00 and no individual contribution, indicating the claim was resolved without monetary compensation to the customer.
- 2025 Pending FINRA Arbitration – Unsuitable Listed Equities and ETF
- Firm at Issue (when activity occurred): National Securities Corporation
- Allegations: The client alleges that registered representatives (including Bruscianelli) made unsuitable recommendations in the common stock of Movano, Inc. (ticker MOVE) and the iShares Russian ETF (ERUS), both listed securities.
- Product Type: Listed equities (common and preferred stock)
- Alleged Damages: $250,000
- Complaint Received: September 30, 2025
- Filing Date: September 19, 2025 (FINRA Arbitration No. 25-02007)
- Status: Pending; no settlement or award reported as of the most recent BrokerCheck update.
Summary of Disclosure Events
For context, Bruscianelli’s BrokerCheck matrix lists the following disclosure counts:
- Regulatory Events: 1 (final)
- Customer Disputes – Settled: 3
- Customer Disputes – Closed/No Action/Withdrawn/Dismissed/Denied: 1
- Customer Disputes – Pending: 1
These disclosures indicate a pattern of claims involving unsuitable trading, misrepresentation or omissions, and breach of fiduciary duty, particularly in OTC stocks and unsuitable investment recommendations that allegedly led to investor losses.
Investors who worked with Jack F. Bruscianelli and believe they suffered losses in OTC equities, private placements, mutual funds, or ETFs should carefully review their account statements and trade confirmations. In many cases, alleged misconduct of this kind can be actionable in FINRA arbitration or other forums that allow investors to pursue recovery of their losses.
To obtain a copy of Jack F. Bruscianelli’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
In disputes like those involving private placements, OTC equities, and concentrated positions in volatile ETFs, one of the most important rules arbitrators look at is FINRA Rule 2111 (Suitability). This rule requires that a broker have a reasonable basis to believe that any recommended transaction or investment strategy is suitable for the customer based on that customer’s investment profile, including factors such as age, financial situation, investment objectives, risk tolerance, time horizon, and liquidity needs.
In the 2017 private placement case and the 2025 pending arbitration involving Movano, Inc. and the iShares Russian ETF, the core allegation is that Bruscianelli and his firm made unsuitable recommendations. If the investments were high-risk, illiquid, overly concentrated, or inconsistent with the client’s stated objectives, arbitrators may find that such recommendations violated Rule 2111’s customer-specific suitability obligations. A pattern of repeated trades or concentration in a narrow range of speculative securities may also implicate the “quantitative suitability” component of Rule 2111, which prohibits excessive trading that renders the account’s overall strategy unsuitable when viewed as a whole.
Another central standard in these types of cases is FINRA Rule 2010, which requires brokers and firms to “observe high standards of commercial honor and just and equitable principles of trade.”
Rule 2010 functions as a broad ethical “catch-all” provision. Even when conduct might not fit neatly into a specific suitability or disclosure rule, arbitrators and regulators can use Rule 2010 to address unethical or unfair practices. In the context of the disclosures on Bruscianelli’s record, allegations of:
- Securities fraud and misrepresentations in OTC stocks,
- Omissions of material information about risk, liquidity, or fees, and
- Breach of fiduciary duty and common law fraud
may all be analyzed under Rule 2010. When a broker oversells the safety of complex or speculative products, fails to provide full and fair disclosure, or continues trading in a way that benefits commissions more than the customer’s interests, those actions can be characterized as a failure to uphold “high standards of commercial honor and just and equitable principles of trade,” even if no criminal or regulatory charges are brought.
Because one of Bruscianelli’s early cases involved allegations against him as a branch office manager, another important rule in these circumstances is FINRA Rule 3110 (Supervision). Rule 3110 requires brokerage firms to establish, maintain, and enforce a supervisory system reasonably designed to ensure compliance with securities laws and FINRA rules, including written supervisory procedures and effective oversight of branch offices and associated persons.
In the H.J. Meyers arbitration, investors alleged excessive and unsuitable trading, misleading statements, and other violations while Bruscianelli acted as branch office manager. Claims like these can raise questions about whether supervisory obligations were fulfilled—both by the firm and by the supervising principal. Under Rule 3110, firms must reasonably monitor:
- The suitability of recommendations made by registered representatives;
- The frequency and pattern of trading in customer accounts;
- The use of margin, options, or other higher-risk strategies; and
- The content of communications with the public.
Where a branch manager is directly named in a complaint, arbitrators may consider whether he or she properly implemented supervisory procedures, responded to red flags, or allowed problematic sales practices to continue. A failure to supervise can expose firms and supervising principals to liability, especially when a pattern of unsuitability, misrepresentation, or excessive trading is alleged across multiple customer accounts.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., is a nationally recognized investment fraud lawyer practice that represents clients nationwide on a no-recovery, no-fee basis through FINRA arbitration and related proceedings.
Rate this Post
Loading...