Were you the victim of former Aegis Capital Corp. broker Michael Schiavello (CRD# 2153242)? He has been registered with Dominari Securities LLC in Garden City, New York, since 2024. He was registered with Aegis Capital Corp. in Garden City, New York, from 2017 to 2024, and National Securities Corporation in Mineola, New York, from 2007 to 2017.
In September 1997, the State of Utah offered a stipulation and consent resolution and sanctioned him to a revocation, expulsion, and denial.
In August 1998, the State of Indiana, Securities Division, “filed a notice of intent to deny Schiavello’s application for registration based upon the revocation of his license by the State of Utah. These allegations resulted in the restricted order, described below, which is no longer in effect.”
In November 2001, the Illinois Securities Department denied the broker’s registration.
Michael Schiavello Customer Complaints
He has been the subject of two customer complaints in 2025, according to his CRD report:
October 2025. “Time frame: Unspecified. Customers allege breach of fiduciary duty, unsuitable investments, material misrepresentations, material omissions, breach of FINRA rules and breach of contract on the part of Registered Representative in relation to the customers investments.” The case is currently pending. The complaint was regarding private placement losses, and it took place while he was registered with Aegis Capital Corp.
July 2025. “A former customer of Registered Representative alleges damages arising from Registered Representative unsuitable investment advice, misrepresentation and breach of FINRA rules and obligations in relation to [his] investment.” The customer is seeking $200,000 in damages, and the case is currently pending. The complaint was regarding common and preferred stock losses, and it took place while he was registered with Aegis Capital Corp.
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, Aegis Capital Corp. may be liable for investment or other losses suffered by Michael Schiavello’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
