Michael Coraggio Allegedly Made Unauthorized Trades

Michael Coraggio (CRD# 4684084[1]), a broker registered with Janney Montgomery Scott, allegedly made unauthorized trades, according to his BrokerCheck report. This record, published by the Financial Industry Regulatory Authority (FINRA[2]) and accessed on July 10, 2023, identifies him as a financial professional registered in New York City. More information about his alleged conduct is available in this post.

Pending Dispute: Coraggio Made Unauthorized Trades

In April 2023 an investor lodged a dispute alleging that Mr. Coraggio executed trades in the claimant’s accounts and transferred securities between their accounts without authorization between March and May 2022. The dispute, which remains pending, seeks unspecified damages “reasonably estimated to be in excess of $5,000.”

Firm Review: “No Evidence”

A “Broker Comment” regarding the above-described dispute, available on Mr. Coraggio’s BrokerCheck report, claims that the dispute was denied by Janney Montgomery Scott. “Firm review determined that there was no evidence supporting the claim,” the comment states, though the claim itself is listed as pending.

Past Dispute Settled for $55,000

In May 2013 an investor filed a dispute alleging that Mr. Coraggio recommended bonds for her portfolio that, while suitable at the time of purchase, became unsuitable “when she and her husband divorced.” His then-member firm settled the dispute for $55,000.

Firms Denied Other Disputes

Mr. Coraggio’s BrokerCheck record contains disclosures regarding two investor disputes that were denied by his member firms. These disputes were filed between 2011 and 2016, and they included allegations of misrepresentation, unsuitable recommendations, and an unauthorized trade. Neither denied claim stated a damages amount.

To be clear, as FINRA explains[3], a claim’s denial does not mean the underlying allegations had no merit. It simply means that the broker and/or firm reviewed the dispute and determined that the allegations were groundless. Investors whose disputes are denied may still seek to recover damages through other avenues, like the FINRA arbitration process.

Michael Coraggio Based in New York City

Michael Coraggio began his career as a broker in 2003, when he started working at The GMS Group in East Hanover, New Jersey. In the years since, he has worked at firms including Bergen Capital, Scott & Stringfellow, and BB&T Securities. He joined Janney Montgomery Scott’s New York City office in 2014, where he has remained to the present. With 19 years of experience as a broker, he has passed three state securities law exams and two general industry/products exams.

Did You Lose Money Investing?

Current or former customers of Michael Coraggio may have grounds to file a FINRA arbitration proceeding to recover investment losses. Call MDF Law if:

• You lost funds on trades you didn’t authorize or on investments which were not suitable for your profile;
• Certain risks associated with investments in your portfolio were not fully explained to you;
• A significant amount of your net worth was tied up in your investments.