Michael Pellegrino (CRD #: 5900843) an investment adviser registered with Goldstone Financial Group, is under investigation by FINRA, according to his IAPD record, accessed on December 8, 2020. Mr. Pellegrino’s SEC record also reveals seven client disputes. Details of these disclosures are provided below.
On September 29, 2020, FINRA made a preliminary decision to recommend disciplinary action be brought against Michael Pellegrino. FINRA alleges that Mr. Pellegrino made retail communications with the public that were misleading and included improperly made projections of future performance.
On July 11, 2019, a client alleged that Michael Pellegrino misrepresented an unsuitable, non-traded Real Estate Investment Trust (REIT). The client is seeking $125,000; the dispute is pending.
On June 21, 2019, a client alleged that Michael Pellegrino made unsuitable investment recommendations, engaged in fraud, and made misrepresentations. They further alleged that Mr. Pellegrino had engaged in fraudulent concealment. The dispute entered into arbitration and the client was awarded $100,000. You can read a copy of the arbitration award here.
On April 30, 2019, a client alleged that Michael Pellegrino made misrepresentations during a presentation on a REIT investment. The client is seeking $50,000; the dispute is pending.
On January 3, 2019, clients alleged that Mr. Pellegrino made unsuitable investment recommendations and failed to disclose material facts. The client is seeking $161,089; the dispute is pending.
On December 27, 2018, clients alleged that Michael Pellegrino sold high-risk and fraudulent investments. They further alleged that Mr. Pellegrino made misrepresentations and omitted material facts. The client is seeking $341,182; the dispute is pending.
On November 1, 2018, a client alleged that Michael Pellegrino recommended an unsuitable investment of a non-traded REIT. The client is seeking $200,000; the dispute is pending.
On November 19, 2018, clients alleged that Michael Pellegrino recommended unsuitable short-term notes. The client is seeking $315,000; the dispute is pending.
Michael Pellegrino has passed the Series 63 Uniform Securities Agent State Law Examination, the Series 65 Uniform Investment Adviser Law Examination, the Securities Industry Essentials Examination, the Securities Industry Essentials Examination, the Series 62 Corporate Securities Limited Representative Examination, the Series 6 Investment Company Products/ Variable Contracts Representative Examination. He is a registered investment adviser in Illinois and Texas.
During his 9 years of experience, Michael Pellegrino has worked for the following firms:
- Goldstone Financial Group (CRD #: 222520)
- Taylor Capital Management (CRD #: 43559)
- Brookstone Capital Management (CRD #: 141412)
- Center Street Securities (CRD #: 26898)
If Michael Pellegrino was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for a free case consultation with a securities attorney.