Michael Romano Involved in Suitability Disputes
Michael Romano (CRD# 734293), formerly a broker registered with Arete Wealth Management, has been involved in more than a dozen investor disputes alleging unsuitable investment recommendations. MDF Law is investigating the former Nashville, Tennessee-based financial professional for similar conduct. If you are a former client with concerns about your investments, contact us for a free, confidential consultation.
Keep reading for more details about the disputes involving Mr. Romano. This post is sourced from his BrokerCheck record, a Financial Industry Regulatory Authority profile reviewed on February 21, 2025.
Pending Disputes Seek More than $3 Million in Damages
Between August 2024 and December 2024, nine parties of investors lodged disputes involving Mr. Romano that have not yet resolved. In each instance, the claimant alleges that he recommended unsuitable recommendations. The disputes, which are still pending, cumulatively seek damages of more than $3.5 million.
Firm Settled Past Suitability Disputes
In addition to the above-described investor disputes, Mr. Romano has also been involved in seven claims settled by his former member firm. These disputes were all filed in August 2024, according to his BrokerCheck profile, and also alleged unsuitable recommendations to invest in alternative products. His former member firm settled the claims for a total of $255,750.
Michael Romano Issues Statement Denying Allegations
As his BrokerCheck record reflects, Mr. Romano issued similar statements regarding each of the above-described disputes. In these comments, he asserted that he did not make any recommendations or sales to the customers who filed the claims. He asserted further that he never met or spoke with the customers in question, describing the claims as illegitimate. “This customer purchased a product that failed and many claimants [sic] attorneys recruited customers who made those purchases to sue,” these statements read. “I am only being named, along with some others, because my former broker dealer went out of business and this customer must have found my name formerly associated with that firm.”
FINRA: Broker Last Based in Nashville, Tennessee
Mr. Romano started working as a broker when he registered with John Muir & Company in 1981. He left the firm later that year and joined Rooney Pace, a firm since expelled by FINRA. Over the course of his career, he worked at firms including TradeStation Securities and Newbridge Securities Corporation. He joined Center Street Securities’ office in Nashville, Tennessee in 2016, departing in 2024. At the same time, he registered with Arete Wealth Management’s Nashville office in 2021, leaving in February 2025. Since departing Arete Wealth, he has not registered with any broker-dealer firm. With 18 years of experience as a broker, he has completed six industry exams, including the Series 99TO and the Series 14.
MDF Law Has Your Back
Did you lose money you couldn’t afford to lose on alternative investments recommended by Michael Romano? You may have grounds to file a FINRA arbitration claim to recover investment losses. With a proven record of success recovering losses for the victims of broker fraud, MDF Law accepts cases on contingency and provides free consultations nationwide. Call 800-767-8040 to speak with our team today.