FINRA Bars Securities America Stockbroker In Investigation
Michael Anthony Bastardi of Warwick New York a stockbroker formerly employed by Securities America Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Bastardi failed to cooperate with a FINRA investigation into allegations that Bastardi hindered a FINRA investigation concerning accusations that (1) Bastardi forged a customer’s signature on investment account documentation (2) Bastardi effected trades in the customer’s account without the customer’s permission (3) Bastardi made bad trades in the customer’s account on margin and (4) Bastardi defrauded the customer. Letter of Acceptance Waiver and Consent No. 2018059770401 (May 24, 2019).
According to the AWC, Bastardi was terminated by Securities America Inc. on March 4, 2016. The firm corresponded with FINRA in regard to Bastardi’s termination, stating that Bastardi was referenced in a customer initiated investment related complaint containing allegations of Bastardi’s forgery, unauthorized trading, unsuitable trading, and fraud during the time that Bastardi was associated with Securities America and prior securities broker dealer, Dalton Strategic Investment Services Inc., whom Bastardi was associated with through 2014.
The AWC stated that FINRA commenced an investigation into the accusations referenced by Securities America Inc. In October of 2018 and January of 2019, Bastardi was instructed by FINRA under Rule 8210 to provide information and documentation to the regulator in regard to the allegations of his misconduct. In April of 2019, counsel for Bastardi evidently contacted FINRA indicating that Bastardi was not going to cooperate with the requests. Ultimately, Bastardi agreed with FINRA that he understood the nature of the investigation and requests pertaining to it, and that Bastardi refused to cooperate. FINRA found Bastardi’s activities in this respect to be violative of FINRA Rules 2010 and 8210, resulting in Bastardi being barred from the securities industry.
FINRA Public Disclosure reveals that Bastardi has been identified in two customer initiated investment related disputes containing accusations of his violative conduct while he was employed with Cape Securities Inc., Securities America Inc. and Dalton Strategic Investment Services. In particular, a customer initiated investment related arbitration claim concerning Bastardi’s conduct was resolved for $45,000.00 supported by allegations that the customer was placed in stock and over-the-counter equities that were not suitable for the customer; and the customer’s investment portfolio was churned. FINRA Arbitration No. 14-03748 (Apr. 28, 2016).
Thereafter, a customer initiated investment related arbitration claim regarding Bastardi’s misconduct was settled for $270,000.00 in damages based upon accusations against Bastardi of forgery, unauthorized trading, unsuitable trading and fraud in regard to Bastardi’s activities between March of 2012 and February of 2018 during which time Bastardi was associated with Cape Securities, Securities America Inc. and Dalton Strategic Investment Services LLC. FINRA Arbitration No. 18-03358 (Jan. 16, 2019).
Between March 29, 2016 and January 12, 2018, Bastardi was associated with National Securities Corporation, and from January 19, 2018 to September 11, 2018, Bastardi was associated with Chelsea Financial Services.