FINRA Bars Former Securities America, Inc. Broker Michael Raineri

Securities America Inc.

There are options for clients of former Securities America, Inc. broker Michael Raineri (CRD# 4817558) who suffered investment losses. He was registered with Securities America, Inc. in Seattle, Washington, from 2020 to 2023, when he was terminated regarding, “The Financial Professional failed to follow firm policies, including being named as POA for customers’ bank accounts and engaging in financial transactions with a customer for payment processing for personal services customer received from third parties without prior request or approval by the Firm.”

 Previously, he was registered with KMS Financial Services, Inc. in Seattle, Washington, from 2018 to 2020, and with Cetera Advisors LLC in Seattle, Washington, from 2012 to 2018.

In April 2023, FINRA barred him after he “consented to the sanction and to the entry of findings that he converted customer funds. The findings stated that, at the request of one of his customers, Raineri began paying some personal expenses for the customer. Over time, Ranieri caused the customer to pay him at least $135,000, ostensibly to reimburse him for the payments he had made. The payments to Raineri, however, far exceeded the customer’s expenses Raineri had paid, and he was not entitled to the extra funds.”

Michael Raineri Customer Complaints

He has been the subject of one customer complaint, according to his CRD report:

January 2023. “Customer alleges financial professional transferred approximately $135,000.00 from customer’s bank account to himself without customer’s consent.” The customer is seeking $135,000 in damages, and the case is currently pending. 

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, Securities America, Inc. may be liable for investment or other losses suffered by Michael Raineri’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.

"*" indicates required fields

Please do not include any confidential or sensitive information in this form. Submitting this form does not create an attorney-client relationship.

Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.