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FINRA Bars Former New York Broker Michael Bastardi

Posted on Wednesday, June 26th, 2019 at 3:46 pm    

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Former New York broker Michael Bastardi (CRD# 6015424) was barred by FINRA related to unsuitable margin trading, fraud and forgery. Bastardi was registered with the following firms throughout his short career:

  • Chelsea Financial Services in Staten Island, New York (01/19/2018 – 09/11/2018)
  • National Securities Corporation in Mahopac, New York (03/29/2016 – 01/12/2018)
  • Securities America, Inc. in Warwick, New York (06/30/2014 – 03/04/2016)
  • Dalton Strategic Investment Services Inc., in Warwick, New York (10/15/2012 – 07/01/2014)
  • Cape Securities Inc. in Mcdonough, Georgia (02/24/2012 – 10/12/2012)

In May 2019, FINRA barred Bastardi after he “consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation into the allegations disclosed on a Form U5 amendment. The findings stated that the Form U5 amendment disclosed that Bastardi was the subject of a customer complaint alleging that he had engaged in unsuitable margin trading, unauthorized trading, fraud and forgery when he was registered through two member firms, resulting in damages of approximately $250,000.”

Bastardi has been the subject of two customer complaints between 2015 and 2018, according to his CRD report:

October 2018. “Claimant alleges that from March 2012 to February 7, 2018, the representative engaged in unsuitable margin trading, unauthorized trading, fraud and forgery.” The customer is seeking $270,000 in damages and the case is currently pending. This case is regarding options and common and preferred stocks, and it took place while Bastardi was employed by Cape Securities, Dalton Strategic Investment Services, LLC, and Securities America, Inc.

January 2015. “Churning, Suitability, from May through June of 2012.” The customer sought $199,192 in damages and the case was settled for $45,000. This case was regarding equity OTC and common and preferred stocks. The allegations took place while Batardi was employed by Cape Securities, Inc.

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, Cape Securities, Dalton Strategic Investment Services, LLC, and Securities America, Inc. may be liable for investment or other losses suffered by Bastardi’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.