DID LUIGI EDWARD MANCUSI CAUSE YOU INVESTMENT LOSSES?

Luigi Mancusi Of Sanctuary Advisors And Formerly With Oppenheimer & & Co. Has 6 Customer Complaints For Alleged Broker Misconduct

Who is Luigi Mancusi of Sanctuary Advisors?

Luigi Mancusi (CRD #2193040) who is currently registered with Sanctuary Advisors and located in Lake Forest, Illinois is a subject of one of our many securities industry sales practice abuse investigations. Prior to Sanctuary Advisors, Luigi Mancusi was associated with Oppenheimer & Co. and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

Luigi Mancusi has had his own problems with the regulators.  In October 2017, he was suspended for 2 months and fined $10,000 by FINRA for allegedly executing 45 transactions and customer’s accounts without prior written authorization from the customer and without the accounts having been approved for discretionary trading by his member firm.

Luigi Mancusi Customer Complaints

Luigi Mancusi has been the subject of 6 customer complaints that we know about. Five of Luigi Mancusi’s 6 customer complaints were settled in favor of investors.  One of Luigi Mancusi’s customers’ complaints was denied and, to date, the customer has not taken any further action.

Allegations Against Luigi Mancusi

A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:

• Claimant alleged that claimant was placed in unsuitable investments for their age and risk tolerance, investments were unauthorized, and that Luigi Mancusi allegedly churned the account.
• Client alleged Variable Universal Life Insurance policy was misrepresented as paid up allegedly by Luigi Mancusi. Policy now requires additional premium to avoid lapsing.
• Client as trustee opened 2 brokerage accounts allegedly with Luigi Mancusi. Mr. Mancusi sold client a series of mutual fund and unit investment trusts. Client alleged the following: 1. That the UITs sold were misrepresented – claiming Mr. Mancusi represented that UITs were similar to bonds and were safe and liquid investments. Client further alleged that Mr. Mancusi represented that these UIT recommendations would guarantee a 9% annual return and did not disclose the risks associated with these investments. 2. The UIT investments were not consistent with client goals, age, risk tolerance, and objectives. 3. Unauthorized purchases of 2 additional UITs. Client represented that investment losses and lost income were the result of the actions noted above.
• Client’s attorney alleged unauthorized transactions by Luigi Mancusi took place in the client’s accounts.
• Client met with broker at Northern Trust Bank in Lake Forest. Customer wanted to buy insurance annuity for daughter. Customer alleged she allegedly instructed Luigi Mancusi to purchase fixed annuity, similar to existing policy for other daughter. Customer also allegeds she never received a copy of the annuity contract. Customer received statement and noticed account value had decreased. Concerned, the customer contacted the broker who indicated the account value had decreased due to market fluctuations. Customer alleged she repeatedly asked if annuity was the same as other daughters. The broker believed it was. The client was actually sold a variable annuity.
• Firm received notice of arbitration filing by former clients that alleged fraudulent and improper activities by former agent Luigi Mancusi. The Claimant alleged that Mr. Mancusi recommended investments which were “completely unsuitable and reckless in disregard of their age, risk tolerance, and income needs.”

Luigi Mancusi Red Flags & Your Rights As An Investor

Of course, Luigi Mancusi did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Luigi Mancusi at Sanctuary Advisors and Oppenheimer & Co. on alert to review carefully the activity and performance of their accounts and question whether Luigi Mancusi has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Sanctuary Advisors and Oppenheimer & Co. also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At Sanctuary Advisors Due To Luigi Mancusi

If you have questions about Sanctuary Advisors, Oppenheimer & Co., and/or Luigi Mancusi and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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