Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker David Magli (Magli), currently associated with Magstar Capital, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Magli recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $6,000,000.00 on December 15, 2021.
Plaintiff alleges that Magstar Capital, LLC and David Magli breached an agreement to provide certain fundraising and financial advisory services. Magstar Capital was engaged by Plaintiff, an early-stage startup company looking to launch a technology platform focused on the travel industry. They approached Magstar Capital seeking assistance with their efforts to raise a seed-round of capital during the height of COVID. After an unsuccessful period of capital raising effort, Magstar Capital terminated its engagement with the Plaintiff. Plaintiff thereafter filed litigation against Magstar Capital and Mr. Magli seeking declaratory relief to void the contract and its obligations thereunder, as well as other relief. Magstar Capital and Mr. Magli deny the allegations in the complaint and are vigorously defending the action.