Can I recover losses from investments with former Worden Capital Management LLC broker Michael Rosalia (CRD# 2323953) regarding unauthorized trading? He was registered with SW Financial in Melville, New York, from 2021 to 2022, Worden Capital Management LLC in Garden City, New York, from 2015 to 2021, and Rockwell Global Capital LLC in Melville, New York, from 2013 to 2015.
In June 2024, FINRA barred him after he “was named a respondent in a FINRA complaint alleging that he failed to appear and provide on-the-record testimony requested by FINRA in connection with its investigation into whether he engaged in excessive and unsuitable trading in his customers’ accounts.”
Michael Rosalia Customer Complaints
He has been the subject of 10 customer complaints between 1997 and 2022, one of which was denied, according to his CRD report. The most recent complaints are regarding:
March 2022. “Churning, excessive commissions, unauthorized trading, unsuitability, negligence, breach of contract, fraud.” The customer is seeking $229,696 in damages, and the case is currently pending. The complaint took place while he was registered with Worden Capital Management LLC, and it was regarding equity OTC and common and preferred stocks.
August 2021. “Michael Rosalia was named in a customer complaint that asserted the following causes of action: churning for commissions and quantitative unsuitability (fraud) (Rules 2111 and Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5); qualitative and quantitative unsuitability (Rule 2111); failure to supervise and negligent supervision (Rule 3010); breach of fiduciary contract and implied covenant of good faith and fair dealing; negligent misrepresentation and omissions; and violation of standards of commercial honor and principles of trade (Rule 2010).” The customer is seeking $1,606,034.39 in damages, and the case is currently pending.
April 2019. “Customer alleges that a commission of $8,000 in August 2018 was not authorized by him.” The customer sought $8,000 in damages, and the case was settled for $4,000. The complaint occurred while he was registered with Worden Capital Management LLC, and it pertained to equity OTC, common, and preferred stocks.
November 2018. “Statutory and common law fraud, misrepresentation, negligence, breach of contract and breach of fiduciary duty. Dates of alleged activity May 2016 through January 2018.” The customer sought $56,000.00 in damages, and the case was settled for $14,999.99. The complaint took place while he was registered with Worden Capital Management LLC, and it was regarding equity OTC, common, and preferred stocks.
May 2018. “Churning, improper use of margin, unsuitability and high commissions.” The customer sought $503,828.39 in damages, and the case was settled for $150,000. The complaint took place while he was registered with Worden Capital Management LLC, and it was regarding equity OTC, common and preferred stocks.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Worden Capital Management LLC may be liable for investment or other losses suffered by Michael Rosalia’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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