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Financial Advisor Michael Resciniti Has 8 Customer Complaints And 3 Regulatory Infractions

The Wolper Law Firm is currently investigating claims against Michael Resciniti, a former Financial Advisor at Spartan Capital Securities in Garden City, New York.  Michael Resciniti first entered the securities industry in 2000 and previously worked for First Standard Financial Company, Laidlaw & Co. and Rockwell Global Capital, LLC

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Michael Resciniti has eight (8) customer complaints, including four (4) pending complaints.

https://brokercheck.finra.org/individual/summary/4006304#disclosuresSection

The allegations against Michael Resciniti include the recommendation of unsuitable investments, unauthorized trading, churning and misrepresentation.  Specifically, customers have alleged:

  • May 2018—“Client alleges churning, unauthorized and unsuitable trading…” Alleged damages are $15,775 and the mater remains pending.
  • May 2018—“Client alleges churning, unauthorized and unsuitable trading…” Alleged damages are $53,047 and the matter remains pending.
  • November 2017—“Claimant alleged churning, unsuitability, breach of fiduciary duty and excessive commissions…” Alleged damages are $184,241 and the matter remains pending.

In addition, Michael Resciniti has been the subject of prior regulatory sanctions.  In November 2017, Michael Resciniti’s registration was suspended by FINRA for seven months for alleged “unauthorized transactions in the accounts of two customers.”  In 2007, Michael Resciniti was sanctioned by the state of Illinois and the National Association of Securities Dealers for alleged sales practice misconduct.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer of Michael Resciniti and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@67.43.6.64 to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]