Michael Venturino (CRD #: 5872439), a broker registered with Spartan Capital Securities, is the subject of an investigation initiated by the Financial Industry Regulatory Authority (FINRA), according to his BrokerCheck record, accessed on December 28, 2020. This is his 17th BrokerCheck disclosure — a relatively high number of disclosures, given that only around 8% of brokers have any disclosures related to financial misconduct.
On January 6, 2020, FINRA made the preliminary decisions to recommend disciplinary action for Michael Venturino, based on allegations related to FINRA Rule 2010, Section 10(b). Section 10(b) states that brokers are to not employ “manipulative or deceptive device or contrivance in contravention of such rules and regulations as the [SEC] may prescribe.”
Venturino’s earlier disclosures reveal more investor disputes.
For instance, on July 24, 2020, clients alleged Venturino executed unauthorized trades. The dispute is pending.
On May 8, 2020, a client alleged that Michael Venturino recommended churning and unsuitable investments. The client is seeking $985,000; the dispute is pending.
Michael Venturino has been the subject of two tax liens; these were collectively resolved for $410,858.
On February 7, 2020, a client alleged that Venturino recommended unsuitable investments. The client is seeking $225,000; the dispute is pending.
On December 26, 2019, a client alleged that Michael Venturino recommended unsuitable investments and used high pressure sales tactics. The client is seeking $150,000; the dispute is pending.
On January 4, 2019, Venturino discharged a bankruptcy.
On September 11, 2018, a client alleged that Michael Venturino engaged in account churning, recommended unsuitable transactions, and mispresented certain transactions. The client sought $240,359.
On July 17, 2018, FINRA suspended Venturino following allegations that he failed to comply with an arbitration award that had ordered him to pay a settlement with a customer for $48,547.31. (You can read a copy of that arbitration award here.)
On February 15, 2018, a client alleged that Michael Venturino executed unauthorized trades and recommended unsuitable investments. The client sought $1,280,623; the dispute settled for $300,000.
On July 27, 2017, a client alleged that Venturino executed unauthorized trades. The client sought $33,489; the dispute settled for $16,500.
On May 23, 2017, a client alleged that Michael Venturino recommended unsuitable transactions, executed excessive trades, and churned the account. The client sought $55,855.
On April 12, 2016, a client alleged that Michael Venturino was involved in excessive trading and unauthorized trades. The clients sought $515,000; the dispute settled for $142,500.
On March 18, 2013, a client alleged that Venturino executed unauthorized trades, churned the client account, and recommended unsuitable investments. The client sought $140,368; the dispute settled $76,500.
Michael Venturino passed the Series 63 Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, and the Series 7 General Securities Representative Examination. He is a registered broker in 15 states.
During his 10 years in the securities industry, Venturino has worked at 5 firms:
- Spartan Capital Securities (CRD #: 146251)
- Trident Partners (CRD #: 41258)
- Aegis Capital Corp (CRD #: 15007)
- Craig Scott Capital (CRD #: 155924)
- Brookstone Securities (CRD #: 13366)
If Michael Venturino 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 email@example.com for a free case consultation with a securities attorney.