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Raymond James & Associates, Inc. Financial Advisor Michael Napolitano Has $2 Million Pending Customer Complaint

Posted on Sunday, March 11th, 2018 at 9:31 am    

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Did you lose money investing with Raymond James & Associates, Inc. financial advisor Michael Napolitano (CRD# 1177646)? Napolitano has been registered with Raymond James & Associates, Inc. in Paramus, New Jersey since 2007.

Napolitano has been the subject of two customer complaints in 2017, according to his CRD report:

December 2017. “Client alleges Failure to Comply with Prudent Investor Act, Negligence, Professional Negligence of an Investment Manager, Negligence Per Se. Date of Activity is: 3/2007 thru 11/2017.” The customer sought $450,000 in damages and the case was closed without action.

February 2017. “Client alleges: securities fraud, common law fraud, fraudulent misrepresentation and omission, unsuitability, over concentration, negligence breach of fiduciary duty, breach of contract, violations of federal securities laws, violations of New Jersey state securities laws, violations of finra rules and common law. Date of activity is 3/2007 through 1/31/2017.” The customer is seeking $2 million 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, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Napolitano’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.