The Stoltmann Law Offices Announces the Filing of a FINRA Statement of Claim Against National Securities Corp. (d/b/a) Navisis Financial

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The Stoltmann Law Offices announces the filing of a FINRA Statement of Claim against National Securities Corp. (d/b/a) Navisis Financial regarding alleged misconduct of its former agent John Rogowski. The case is FINRA Case No. 13-02951.

According to FINRA Case #13-02951, the Claimant is a Chicago resident and a small business owner who suffered an alleged $293,000 in investment losses as a result of excessive trading, multiple violations of the Illinois Securities Law, the Illinois Consumer Fraud and Deceptive Practices Act, breach of duty, and the negligent supervision of John Rogowski CRD # 11863182 by National Securities Corp. (d/b/a Navisis Financial).

According to FINRA Case #13-02951, Agent Rogowski was a registered representative of National Securities Corporation from September 2009 until December 22, 2011 when he was discharged for “being unavailable for a period of five business days or more.” According to his arrest record, on or about November 21, 2011, Agent Rogowski was arrested for aggravated DUI and reckless homicide. On April 16, 2013, Agent Rogowski committed suicide by throwing himself in front of a Metra commuter train in Des Plaines, Illinois.

According to FINRA Case #13-02951, John Rogowski purchased several over-the-counter (OTC) penny stocks, on margin, which were unsuitable for the Claimant based on his financial resources. The majority of investments were speculative small penny stocks which were traded aggressively and excessively. In 2011 Agent Rogowski began to trade options in the Claimant’s accounts resulting in further investment losses. The Claimant had little understanding of the risks involved in this type of trading strategy and it was never fully disclosed. According to FINRA Case #13-02951, the Claimant’s account was turned over 19.66 times on an annualized basis. Case law establishes that a turnover rate in excess of six times annually creates a conclusion of churning or excessive trading. See, e.g. Craighead v. E.F. Hutton, 899 F.2d 485 (6th Cir. 1985).

If you were an investor with National Securities Corp. (d/b/a Navisis Financial) who has suffered alleged losses from John Rogowski’s investment recommendations, and you would like to have your accounts reviewed, you may, without obligation or cost to you, email Andrew Stoltmann at Andrew(at)Stoltlaw(dot)com or Joe Wojciechowski at Joe(at)Stoltlaw(dot)com, or call the law firm at
(312) 332-4200 and ask to speak to a securities attorney.

About Stoltmann Law Offices

The Stoltmann Law Offices exclusively represents investors from across the country and in securities litigation and FINRA arbitration actions. Our Chicago based law firm focuses exclusively on FINRA securities arbitration claims and individual lawsuits against financial institutions, financial advisors, mutual fund firms and insurance companies.


Stoltmann Law Offices, P.C.
10 S. LaSalle St Suite 3500
Chicago, IL 60603
Andrew Stoltmann, 312-332-4200

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Andrew Stoltmann
since: 04/2009
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