The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Michael Venturino. According to his publicly available FINRA BrokerCheck report, Michael Venturino has been the subject of multiple customer disputes over the course of his career.
Michael Venturino is a New York based securities broker. He has worked in the securities industry for eight years. During his career, he has been registered with five different securities firms.
His Registrations
- Brookstone Securities (2010-2012)
- Craig Scott Capital (2012-2014)
- Aegis Capital Corp. (2014-2017)
- Trident Partners (2017-2018)
- Spartan Capital Securities (2018-Present)
The Allegations
- In March 2013, a customer alleged that Michael Venturino recommended unsuitable investments, engaged in unauthorized trading, churned their account, violated federal and state securities laws, engaged in common law fraud, handled their account with gross negligence, and breached contract. This case was settled for $76,500 in damages.
- In April 2016, a customer alleged that Michael Venturino engaged in unauthorized trading and breached his fiduciary duty. This case was settled for $142,500 in damages.
- In May 2017, a customer alleged that Michael Venturino executed unsuitable transactions, excessively traded their account, and churned their account. This case was settled for an undisclosed amount in damages.
- In July 2017, a customer alleged that Michael Venturino engaged in the unauthorized trading of various securities. This case was settled for $16,500 in damages.
- In February 2018, a customer alleged that Michael Venturino executed unauthorized trades and made unsuitable investment recommendations. This case was settled for $300,000 in damages.
- In September 2018, a customer alleged that Michael Venturino churned their account, executed unsuitable transactions, and made material misrepresentations. This case was settled for an undisclosed amount in damages.
- In October 2019, a customer alleged that Michael Venturino recommended unsuitable investments and used high pressure sales tactics when pitching investments. This case is currently pending. The customer is seeking $150,000 in damages.
What Does This Mean?
One of the most notable allegations made against Michael Venturino was that he engaged in unauthorized trading. While investors hire securities brokers to help them choose suitable investments, they have not forfeited their right to ultimately have the final say regarding what they are invested in. Because of this, securities brokers are obligated to obtain their customers’ authorization whenever they want to execute a trade on their behalf. When securities brokers ignore this obligation, it can often result in significant financial detriment to their customers. This is often because the trades that brokers usually do not obtain authorization for, are the ones they have no business recommending in the first place.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Michael Venturino, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
