Did you lose money investing with Michael Giovanneli (CRD# 4989449)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Michael Giovanneli. If you suffered losses investing with Michael Giovanneli, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of January 19, 2023, Michael Giovanneli’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
4 Customer Disputes
1 Regulatory Event
1 Employment Separation After Allegations
2 Criminal Disclosures
December 17, 2021 – An Office of Hearing Officers (OHO) decision became final in which Giovannelli was barred from association with any FINRA member in all capacities and ordered to pay $1,494, plus interest, in restitution to a customer. In light of the bar, no further sanctions are imposed. The sanctions were based on the findings that Giovannelli made trades in an elderly customer’s non- discretionary account without the customer’s authorization. The findings stated that the unauthorized trades generated $1,380 in commissions and $1,494 in realized losses. The findings also stated that Giovannelli provided false documents to FINRA in connection with its investigation into his unauthorized transactions. Giovannelli provided copies of altered cellphone records to FINRA to make it appear that he spoke to the customer on five of the six dates of the unauthorized trades when he did not. The findings also included that Giovannelli provided false testimony during his on-the-record interview with FINRA. Giovannelli testified that he contacted the customer to obtain authorization prior to each of the unauthorized trades he made in the customer’s account. In fact, Giovannelli did not speak to the customer or obtain his authorization before any of the trades. Giovannelli also testified that he did not alter any of the telephone records that he provided to FINRA. FINRA found that Giovannelli exercised discretion by trading in customer accounts without their written authorization and without his member firm having accepted any of the accounts as discretionary. (FINRA Case #2019061941101)
Current and Previous Registrations
07/01/2019 – 08/28/2020 SPARTAN CAPITAL SECURITIES, LLC (CRD#:146251) GARDEN CITY, NY
05/01/2017 – 04/26/2019 RICHARD JAMES & ASSOCIATES, INC. (CRD#:169131) Syosett, NY
08/25/2015 – 05/03/2017 SALOMON WHITNEY FINANCIAL (CRD#:145012) Melville, NY
04/20/2015 – 08/25/2015 LEGEND SECURITIES, INC. (CRD#:44952) Melville, NY
FINRA expelled the firm on 04/17/2017
01/29/2014 – 03/16/2015 BROOKVILLE CAPITAL PARTNERS (CRD#:102380) Melville, NY
FINRA expelled the firm on 06/08/2015
04/15/2013 – 01/28/2014 NATIONAL SECURITIES CORPORATION (CRD#:7569) MELVILLE, NY
01/28/2011 – 04/25/2013 WOODSTOCK FINANCIAL GROUP, INC. (CRD#:38095) WOODSTOCK, GA
04/06/2009 – 01/04/2011 BROOKSTONE SECURITIES, INC. (CRD#:13366) MASSAPEQUA, NY
FINRA expelled the firm on 10/09/2012
12/17/2008 – 04/13/2009 J.P. TURNER & COMPANY, L.L.C. (CRD#:43177) SYOSSET, NY
10/14/2008 – 12/22/2008 NATIONAL SECURITIES CORPORATION (CRD#:7569) HUNTINGTON, NY
08/03/2007 – 08/28/2008 FIRST MIDWEST SECURITIES, INC. (CRD#:21786) BLOOMINGTON, IL
03/23/2007 – 08/08/2007 NATIONAL SECURITIES CORPORATION (CRD#:7569) HUNTINGTON, NY
11/28/2006 – 03/21/2007 MAX INTERNATIONAL BROKER/DEALER CORP. (CRD#:46039) NEW YORK, NY
FINRA expelled the firm on 01/29/2013
02/10/2006 – 12/02/2006 WORLD EQUITY GROUP, INC. (CRD#:29087) GARDEN CITY, NY
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Michael Giovanneli and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
