Investor Accuses Michael Valdini of Excessive Trading Seeks Over $1 Million
Financial Industry Regulatory Authority (FINRA) records accessed on October 20, 2021 indicate that New York-based Joseph Stone Capital broker Michael Valdini has received several resolved or pending customer disputes. MDF Law is interested in hearing from investors who have complaints regarding Mr. Valdini (CRD# 5599281).
Customer Files $1.27 Million Complaint Alleging Excessive Trading
In August 2021, a customer alleged Michael Valdini, while employed at Worden Capital Management, churned investments, recommended qualitatively and quantitatively unsuitable investments, breached his fiduciary duty, made negligent misrepresentations and omissions of material facts, and violated FINRA Rule 2010 between September 2015 and September 2019 in connection to investments in listed equities and over-the-counter equities. The customer is seeking $1.27 million in damages in the pending complaint.
Michael Valdini was Previously Registered with Worden Capital
Michael Valdini has spent 13 years in the securities industry and has been registered with Joseph Stone Capital in Mineola, New York since August 2020. His previous registrations include Primary Capital in Mineola, New York (2021); Worden Capital in Garden City, New York (2014-2020); and JD Nicholas & Associates in Syosset, New York (2008-2014). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on October 9, 2008; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; and Series 7 (General Securities Representative Examination), which he obtained on September 30, 2008. He holds securities licenses in 20 states.
According to his BrokerCheck report, Michael Valdini has received three settled customer complaints and two pending customer complaints.
Older Complaints Involving Michael Valdini
In 2016 a customer alleged Michael Valdini, while employed at Worden Capital Management, recommended unsuitable stock investments, engaged in unauthorized trading, failed in his supervisory duties, violated FINRA rules, and over-concentrated the account. The customer is seeking $420,847 in damages in the pending complaint.
In 2016 a customer alleged that while employed at JD Nicholas & Associates, he engaged in excessive trading, churned investments, recommended unsuitable products, executed unauthorized transactions, and failed in his supervisory duties. The complaint settled in 2021 for $5,000.
In 2015 a customer alleged that while employed at JD Nicholas & Associates, he churned investments, made unsuitable recommendations, was negligent in his supervisory duties, committed mark-up or commission abuse, over-concentrated securities in the account, and breached his fiduciary duty. The complaint settled in 2017 for $25,000.
In 2014 a customer alleged that while employed at JD Nicholas & Associates, he churned investments in the account, acted negligently, failed in his supervisory duties, over-concentrated the account, and recommended unsuitable products in options, over-the-counter equities, and listed equities. The complaint settled in 2016 for $350,000.