Michael Paesano (CRD #: 1557229), a previously registered broker and an investment adviser registered with Axiom Investment Management LLC, is facing multiple pending allegations regarding excessive trading, according to his Investment Adviser Public Disclosure record, accessed on August 26, 2020. This is far from the only disclosure on Mr. Paesano’s record.
On July 2, 2020, clients alleged that Michael Paesano engaged in excessive trading from July 2014 to December 2016. The dispute is pending.
On June 3, 2020, clients alleged that Mr. Paesano engaged in excessive trading from July 2014 to December 2016. The dispute is pending.
On November 29, 2019, clients alleged that Mr. Paesano made unsuitable investment recommendations. The clients are seeking $3,600,000; the dispute is pending.
On December 21, 2016, Michael Paesano was terminated from his position at MSWM following allegations that he did not exercise appropriate discretion. The allegations further state that the firm had concerns surrounding Mr. Paesano’s investment strategy.
On August 17, 2009, a client alleged that Michal Paesano over-concentrated financial sector securities in his portfolio. The client sought $1,400,000; the dispute settled for $400,000.
Allegations with Multiple Disclosures
Michael Paesano has disclosures on his record in which clients alleged that he made unsuitable investment recommendations; these disputes were collectively resolved for approximately $1,131,000.
Clients alleged, in three different disclosures between 2017 and 2018, that Mr. Paesano engaged in excessive trading. These disputes were collectively resolved for approximately $1,434,774.79.
Clients also alleged, in four separate disclosures between 2011 and 2013, that Mr. Paesano failed disclose material conflicts of interest. These disputes were collectively resolved for approximately $607,300.
Several of the disclosures also mention Michael Paesano’s outside business activities. His Detailed Broker Report states that he is a principle of Whitmore Asset Management, an insurance risk management firm located in Garden City, New York. You can see a copy of his detailed broker report here.
Michael Paesano has passed the Series 65 Uniform Investment Advisor Law Examination, the Series Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, the Series 3 National Commodity Futures Examination, and the Series 7 General Securities Representative Examination. He is a registered investment adviser in California.
During his 28-year career, Michael Paesano has worked at 14 firms, including the following:
- Morgan Stanley (CRD #: 149777)
- UBS Financial Services Inc. (CRD #: 8174)
- MBSC LLC (CRD #: 42430)
- Mellon Financial Markets LLC (CRD #: 17454)
- McDonald Investments Inc. (CRD #: 566)
- Baylock & Partners L.P. (CRD #: 35669)
- Schonfeld Securities LLC (CRD #: 23305)
- Fimat USA, Inc. (CRD #: 36118)
- Exco RMJ International Inc. (CRD #: 21287)
- Exco USA Securities International (CRD #: 19710)
- Normura Securities International Inc. (CRD #: 4297)
- County Natwest Government Securities, Inc. (CRD #: 19718)
- County Natwest International Limited (CRD #: 14508)
If Michael Paesano was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys at Fitapelli Kurta. Call (877) 238-4175 or email firstname.lastname@example.org for your free case consultation with a securities attorney.