INVESTOR ALERT – Spartan Capital Securities Financial Advisor, Michael Venturino, Has Seven Customer Complaints
Michael C. Venturino is a Financial Advisor at Apartan Capital Securities, LLC in Garden City, NY. Michael Venturino has been in the securities industry since 2010 and previously worked at Brookstone Securities, Inc., Craig Scott Capital, LLC, Aegis Capital Corp. and Trident Partners LTD.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Michael Venturino has 7 customer complaints disclosed on his CRD. The allegations are as follows:
- September 2018 – “Claimant alleges RR engaged in Churning, Unsuitable Transactions and Misrepresentation.” Alleged damages are $240,359.83.
- February 2018 – “Claimant alleges unauthorized trading and unsuitable investment recommendations.” Alleged damages are $1,280,623.
- July 2017 – “Client alleges unauthorized trading in various securities.” The matter settled for $16,500.
- May 2017 – “CLAIMANT ALLEGES UNSUITABLE TRANSACTIONS. EXCESSIVE TRADING AND CHURNING.” The matter settled for $55,855.
- April 2016 – “CLAIMANT ALLEGES EXCESSIVE ACTIVITY, UNAUTHORIZED TRADING, BREACH OF FIDUCIARY DUTY.” Settled for $142,500.
- June 2014 – “EXCESSIVE MARK-UPS OR COMMISSIONS.” Alleged damages of $125,000.
- March 2013 – “…UNSUITABILITY, UNAUTHORIZED TRADING, CHURNING, VIOLATIONS OF FEDERAL AND STATE SECURITIES LAWS, COMMON LAW FRAUD, FAILURE TO SUPERVISE, GROSS NEGLIGENCE, ORDINARY NEGLIGENCE, BREACH OF CONTRACT, CONTROL PERSON LIABILITY AND RESPONDENT SUPERIOR.” Settled for $76,500.
For a copy of the Michael Venturino CRD, click https://brokercheck.finra.org/individual/summary/5872439#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Part of the suitability analysis requires that the trading activity be quantitatively suitable. Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
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.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer 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. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
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