Jack Bruscianelli Faces $250K Complaint Over Russian ETFs at National Securities Corporation

B. Riley Wealth Management, operating under the business name JBT Wealth Management in the heart of Chicago, is led by veteran financial advisor Jack Bruscianelli. With a career spanning over three decades and registrations at several prominent broker-dealer firms, Bruscianelli has long crafted a reputation as a seasoned guiding hand for investors in Illinois and beyond. However, recent investor complaints brought against Jack Bruscianelli raise important questions about suitability, investment product risk, and responsibility—factors that every investor should be aware of before placing their trust in any financial professional.

Investor Complaints Against Jack Bruscianelli: What You Need to Know

The foundation of any successful financial advisor-client relationship is trust, cemented by a long track record of prudent advice and transparency. Yet, this trust can be severely challenged when disputes arise. In September 2025, a significant complaint was filed against Jack Bruscianelli, alleging that he recommended unsuitable investments while associated with National Securities Corporation. Specifically, the complaint centers on investments in Movano and iShares Russian exchange-traded funds (ETFs), with claimed losses totaling an eye-opening $250,000. As of November 10, 2025, the matter remains pending, underscoring the seriousness of the client’s allegations and leaving the outcome uncertain.

This recent investor complaint is not Bruscianelli’s first. His BrokerCheck (CRD# 2113986) record reveals past settled claims that investors would do well to consider:

Adding up the settled and alleged damages, complaints connected to Jack Bruscianelli total nearly $294,000 across three different firms over a span of twenty-seven years. While each complaint or settlement is not in itself an indictment, the appearance of a pattern warrants attention from both clients and compliance professionals.

Understanding Suitability and the Risks of Questionable Advice

Investment fraud and unsuitability have, unfortunately, marred the financial industry for decades. Data from regulatory bodies show that, while the majority of investment advisors act with integrity, a minority account for a disproportionate share of complaints. According to Investopedia, approximately 7% of financial advisors have at least one investor complaint or regulatory disclosure, but these individuals are responsible for the lion’s share of investor losses stemming from bad advice or misconduct. This underscores the importance of conducting due diligence before selecting an advisor.

For Jack Bruscianelli, suitability sits at the heart of the complaints. Under FINRA Rule 2111, advisors must ensure that their recommendations match the client’s financial goals, experience, risk tolerance, and liquidity needs. The basis for these standards is more than procedural—it is meant to safeguard investors from unwittingly accepting risks that could jeopardize their financial futures.

• Reasonable-basis suitability: Advisors must understand the products they recommend.
• Customer-specific suitability: Each investment must fit the client’s specific profile.
• Quantitative suitability: Activity in the account must avoid excessive or unnecessary trades.

In the recent complaint, Movano—a health-focused technology company—has seen significant price volatility, while Russian ETFs became high-risk after geopolitical events and sanctions halted trading. For risk-averse investors, such as those approaching retirement, holding concentrated or illiquid positions in these assets could represent an egregiously unsuitable recommendation.

Notably, even profitable trades can be unsuitable if they do not match a client’s profile. Process, not outcome, is the regulatory standard. This is why investors should be cautious: reviewing advisor complaint records and asking extensive questions remains the best defense.

Jack Bruscianelli’s Professional Background and Credentials

According to FINRA, Jack Bruscianelli has amassed 34 years of industry experience as of November 2025. His current registration is with B. Riley Wealth Management (since 2022), where he operates under the business name JBT Wealth Management in Chicago, Illinois.

Over his robust career, Mr. Bruscianelli has been registered with several broker-dealers:

• National Securities Corporation
• First Union Securities Financial Network
• Auerbach Pollak & Richardson
• The Agean Group
• HJ Meyers & Company
• Hibbard Brown & Company

He also holds several key industry qualifications, including:

• Securities Industry Essentials (SIE)
• Uniform Securities Agent State Law Examination (Series 63)
• General Securities Representative Examination (Series 7)
• General Securities Principal Examination (Series 24)

Certainly, these credentials represent a high degree of technical acumen. But, as regulatory cases throughout the financial sector have shown, technical expertise and ethical decision-making do not always go hand in hand. Investors should weigh both equally—and never ignore dispute histories when choosing a financial advisor.

Lessons for Investors: How to Protect Yourself from Unsuitable Advice

Financial advisors play a critical role in helping clients reach their investment goals. However, the prevalence of unsuitable recommendations emphasizes the need for investor vigilance. Outside resources, including Forbes’ tips on financial advisor red flags, can offer additional insights into warning signs to consider.

If you are considering working with Jack Bruscianelli or any advisor at B. Riley Wealth Management, here are some steps to take:

• Check public disclosures: Use BrokerCheck to review complaint and licensing history.
• Ask direct questions: If you see complaints, request an explanation and details on what steps the advisor has taken to address past issues.
• Get investment recommendations in writing: This ensures transparency and can clarify any ambiguity about risk.
• Review all investment products: Ensure you fully understand their liquidity, volatility, and underlying risk factors.
• Consult independent third parties: When in doubt, seek a second opinion from another advisor, attorney, or CPA.

It’s crucial to remember that the pending complaint against Jack Bruscianelli is only an allegation—no wrongdoing has been established as of November 2025. Yet, the history of multiple complaints, including two past settlements and a current dispute, demands thorough consideration.

Ultimately, investor protection is a joint effort between regulators, financial advisors, and vigilant clients. Trust is earned over time but can be lost quickly. By staying informed and proactive—checking backgrounds, understanding your investments, and insisting on clear explanations—you can reduce your risk of falling victim