- February 28, 2022
- Celadon Financial Group
Michael Mancinelli (CRD#: 5505925) is a previously registered Broker.
He entered the securities industry in 2013 and previously worked for Celadon Financial Group, LLC; Dinosaur Financial Group, LLC; Auriga USA, LLC; Joseph Gunnar & Co, LLC; Tribal Capital Markets, LLC; Bonwick Capital Partners, LLC; Revere Securities, LLC; and U.S. Financial Investments, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February 2022, FINRA sanctioned Michael Mancinelli, fining him $10,000 and suspending him from all capacities for 30 business days beginning February 7, 2022 and ending March 21, 2022. The FINRA sanction states, “Without admitting or denying the findings, Mancinelli consented to the sanctions and to the entry of findings that he violated Municipal Securities Rulemaking Board (MSRB) Rules G-8 and G-17 when he exercised discretionary trading in a customer account without having first obtained written authorization from the customer and written approval by his member firm. The findings stated that eventually, at the direction of his firm, Mancinelli obtained a signed written discretionary authorization form from the customer. The findings also stated that Mancinelli improperly marked municipal securities transactions in the same customer’s account as unsolicited even though he had recommended many of the purchase and sale transactions to the customer, thereby causing the firm to have inaccurate books and records, in violation of MSRB Rule G-8.”
For a copy of the FINRA sanction, click here.
In addition, Michael Mancinelli has been the subject of one additional disclosure, including the following:
- December 2021 – “FINRA Case #20180590125. On December 29, 2021, FINRA made a preliminary determination to recommend that disciplinary action be brought against Michael Mancinelli alleging willful violation of Municipal Securities Rulemaking Board (MSRB) Rule G-17 by exercising time and price discretion without written discretionary authorization; and willful violation of MSRB Rule G-8 by mismarking transactions as unsolicited.” FINRA initiated an investigation into the work of Michael Mancinelli.
For a copy of Michael Mancinelli’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.
In addition, to the extent a financial advisor converts client assets during the course and scope of his employment and/or registration with the brokerage firm, that brokerage firm may be held liable for any attendant losses.
The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. 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. We can be reached at (800) 931-8452 or by email at firstname.lastname@example.org.