Can I Recover Losses from Former Aegis Capital Corp Financial Advisor Michael Venturino?

Posted on Saturday, March 9th, 2019 at 12:41 pm    

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Did you suffer losses due to investments with former Aegis Capital Corp. financial advisor Michael Venturino (CRD# 5872439)? Venturino has been registered with Spartan Capital Securities, LLC in Garden City, New York since April 2018. Previously, Venturino was registered with Trident Partners Ltd. in Woodbury, New York from July 2017 to April 2018 and with Aegis Capital Corp. in Melville, New York from 2014 to 2017.

In July 2018, FINRA suspended Venturino after he failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. The suspension was listed in July 2018.

Venturino has been the subject of seven customer complaints between 2013 and 2018, one of which was closed without action, according to his CRD report. Recent complaints are regarding:

September 2018. “Time frame: 12/24/14 – 02/28/18. Claimant alleges RR engaged in churing, unsuitable transactions and misrepresentation.” The customer is seeking $290,359.83 in damages and the case is currently pending. This case was regarding common and preferred stocks and private placements.

February 2018. “Time Frame: Unspecified. Claimant alleges unauthorized trading and unsuitable investment recommendations.” The customer is seeking $1,280,623 in damages and the case is currently pending.

July 2017. “Time Frame 11/3/2016 to 6/27/2017, Client alleges unauthorized trading in various securities.” The customer sought $33,489.38 in damages and the case was settled for $16,500. This case was regarding common and preferred stocks.

May 2017. “Time frame: unspecified. Claimant alleges unsuitable transactions, excessive trading and churning.” The customer is seeking $55,855 in damages and the case is currently pending. This case was regarding common and preferred stocks.

April 2016. “Time frame: June 2014 to January 2016. Claimant alleges excessive activity, unauthorized trading, breach of fiduciary duty.” The customer sought $515,000 in damages and the case was settled for $142,500. This case was regarding common and preferred stocks.

March 2013. “Plaintiff, a wealthy sophisticated investor, filed a kitchen sink inspired statement of claim alleging unsuitability, unauthorized trading, churning, violations of federal and state securities laws, common law fraud, failure to supervise, gross negligence, ordinary negligence, breach of contract, control person liability and respondeat superior. Respondents deny the allegations and intend to vigorously contest these claims.” The customer sought $140,368.71 in damages and the case was settled for $76,500. This case was regarding 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, Aegis Capital Corp may be liable for investment or other losses suffered by Venturino’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.