Former USCA Securities LLC broker Michael Delafuente (CRD# 5739648) is accused of stock losses. He was registered with USCA Securities LLC in Austin, Texas, from 2014 to 2021.
Michael Delafuente Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
June 2023. “Claimants had been clients of USCA since 2015. DeLaFuente handled their accounts until late 2020. Claimants allege DeLaFuente failed to properly structure their accounts to meet their retirement goals and alleged that they participated in outside investment opportunities along with DeLaFuente in which he did not disclose conflicts. Specific allegations in the statement of claim include negligence, gross negligence, failure to supervise, and breach of fiduciary duty.” The customer sought $2,200,000 in damages, and the case was settled for $1,130,000. The complaint was regarding stocks, options, and private placement losses, and it took place while he was registered with USCA Securities LLC.
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, USCA Securities LLC may be liable for investment or other losses suffered by Michael Delafuente’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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