- May 29, 2019
- Chelsea Financial Services
Michael Bastardi was a Financial Advisor at Chelsea Financial Services, Inc. in Staten Island, NY. Michael Bastardi entered the securities industry in 2012 and previously worked at National Securities Corporation, Securities America, Dalton Strategic Investment Services and Cape Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in May 2019, FINRA sanctioned Michael Bastardi, barring him from the securities industry, for refusing to produce documents and information requested by FINRA in connection with its investigation relating an October 2018 customer complaint alleging that he had engaged in unsuitable margin trading, unauthorized trading, fraud and forgery…” The alleged damages are $270,000. That matter is currently pending
A copy of the FINRA sanction can be accessed by clicking http://www.finra.org/sites/default/files/fda_documents/2018059770401%20Michael%20Anthony%20Bastardi%20CRD%206015424%20AWC%20jm.pdf.
Michael Bastardi has another January 2015 customer complaint disclosed on his CRD alleging “Churning, Suitability, from May through June of 2012.” That matter settled for $45,000.
For a copy of Michael Bastardi’s CRD, click https://brokercheck.finra.org/individual/summary/6015424#disclosuresSection.
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.
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