Former Alexander Capital, L.P. Financial Advisor Michael Castillero Barred by FINRA
Posted on Saturday, March 9th, 2019 at 11:01 am
Were you the victim of former Alexander Capital, L.P. financial advisor Michael Castillero (CRD# 4583917)? Castillero was registered with Windsor Street Capital, LP in New York, New York from June to October 2017 and previously with Alexander Capital, L.P. in New York, New York from 2014 to 2017.
In February 2019, FINRA barred Castillero after he “consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into allegations that he engaged in unauthorized trading in a customer’s account at his member firm, made payments in an attempt to settle the customer’s complaint regarding the trades without notifying the firm, and made false statements regarding this conduct to FINRA.”
Castillero has been the subject of 11 customer complaints between 2006 and 2018, one of which was withdrawn, according to his CRD report. Recent complaints are regarding:
November 2018. “Allegation 1 – Unsuitable transactions. Allegation 2 – Misrepresentation. Allegation 3 – Churning. Time frame April 2012 through November 2016.” The customer is seeking $231,758.14 in damages and the case is currently pending.
May 2018. “Unauthorized trades and Rep tried to set up a repayment plan directly with the customer, did not follow through and left the business.” The customer is seeking $52,900 in damages and the case is currently pending.
July 2017. “Unsuitable investments- misrepresentation – misstatements – material omissions.” The customer sought $5,000 in damages and the case was settled for $25,000.
June 2017. “Unsuitable Investments.” The customer is seeking $12,000 in damages and the case is currently pending.
June 2016. “Suitability, Negligence, Unauthorized trading.” The customer sought $56,000 in damages and the case was settled for $25,000.
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, Alexander Capital, L.P. may be liable for investment or other losses suffered by Castillero’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.