FINRA Investigates Michael Venturino over Excessive Trading
Financial Industry Regulatory Authority (FINRA) records accessed on October 20, 2021 show that New York-based Spartan Capital Securities broker Michael Venturino is under investigation by FINRA in connection to allegations of misconduct. Investors with complaints regarding Mr. Venturino (CRD# 5872439) are encouraged to call MDF Law at 212-203-9300.
Venturino was Registered with Spartan Capital, Trident and Aegis
Michael Venturino has spent ten years in the securities industry and has been registered with Spartan Capital Securities in Garden City, New York since 2018. Previous registrations include Trident Partners in Woodbury, New York (2017-2018); Aegis Capital in Melville, New York (2014-2017); Craig Scott Capital in Uniondale, New York (2012-2014); and Brookstone Securities in Uniondale, New York (2010-2012). He has passed three securities industry examinations and holds licenses in 16 states.
According to his BrokerCheck report, Michael Venturino has received one regulatory sanction, nine settled customer complaints, and one pending customer complaint, and he was recently named in a FINRA investigation.
FINRA Investigates Michael Venturino Following Customer Complaints
In September 2021 FINRA announced that it had preliminarily determined to recommend disciplinary action against Mr. Venturino in connection to allegations that, while associated with Aegis Capital, he executed excessive trades in 12 customer accounts, engaged in churning, and conducted unauthorized trades. The disciplinary action has not yet been brought.
Customer Complaints Reported by Aegis Capital
In February 2021 a customer alleged Michael Venturino, while at Aegis Capital, recommended unsuitable investments, misrepresented material facts, breached his fiduciary duty, and breached contract. The customer is seeking unspecified damages in the pending complaint.
In 2020 a customer alleged Michael Venturino, while employed at Aegis Capital, recommended an unsuitable investment strategy. The complaint settled for $39,000.
In 2020 a customer alleged that while employed at Aegis Capital, he executed unauthorized trades and breached contract. The complaint settled in 2021 for $175,000.
In 2020 a customer alleged that while at Aegis and Spartan Capital, he breached his fiduciary duty, acted negligently, made unsuitable investment recommendations, breached contract, and churned investments in the account. The complaint settled in September 2021 for $235,000.
In 2020 a customer alleged that while a representative of Aegis Capital, he engaged in “high pressure sales tactics” and unsuitable trading. In 2021 the complaint settled for $65,000.
In 2019 a customer alleged that while at Aegis Capital, he employed “high pressure sales tactics” and recommended unsuitable investments in unspecified products. In 2021 the complaint reached a settlement of $62,500.
In 2018 a customer alleged that while employed at Aegis, he recommended unsuitable securities and engaged in unauthorized trading. The complaint settled in 2019 for more than $300,000.
In 2016 a customer alleged that while at Aegis, he engaged in excessive trading, executed unauthorized transactions, and breached his fiduciary duty. The complaint settled in 2017 for $142,500.