- August 13, 2018
- Worden Capital Management
- Excessive Trading/Churning
The Wolper Law Firm, P.A. is currently investigating claims against Michael Rosalia, a Financial Advisor at Worden Capital Management in Melville, NY. Michael Rosalia has been in the securities industry since 1993 and previously worked at Rockwell Global Capital and American Capital Partners.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Michael Rosalia has been the subject of six (6) customer complaints, has filed for bankruptcy and has several reported tax liens, which may be an indication of financial irresponsibility. Among the customer complaints filed against Michael Rosalia including the following:
- May 2018—Customer alleged “churning, improper use of margin, unsuitability and high commissions.” The matter was settled for $150,000
- March 2009—“Customer broadly alleges a variety of sales practice violations…[including] unsuitability, unauthorized trading and failure to execute trades.” The matter was settled for $900,000.
- April 2000—Customer alleged “unauthorized trading, failure to follow instructions and misrepresentation.” The matter was settled for $50,000.
Michael Rosalia filed for bankruptcy in 2013 and has five reported tax liens for varying amounts.
To review the entire disclosure history for Michael Rosalia, click https://brokercheck.finra.org/individual/summary/2323953#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.
If you or someone you know was a customer of Michael Rosalia and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.