Aegis Capital Sued By Investors Over Rogue Stockbroker

money 007 1 - Aegis Capital Sued By Investors Over Rogue Stockbroker

Michael Christopher Venturino of Melville New York a stockbroker associated with Aegis Capital Corp. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $225,000.00 in damages based upon allegations that high pressure sales tactics had been used on the customer by Venturino which resulted in the customer being placed into bad investments that generated losses for the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03834 (Jan. 13, 2020).

FINRA Public Disclosure confirms that Venturino has been identified in nine more customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including Aegis Capital and Craig Scott Capital LLC. On November 29, 2017, a customer initiated investment related complaint concerning Venturino’s activities was resolved for $16,500.00 in damages founded on accusations that stock trades had been executed in the customer’s account without the customer’s permission when Venturino was employed by Aegis Capital.

On May 20, 2019, a customer filed an investment related arbitration claim in reference to Venturino’s conduct where the customer sought $14,745,513.00 in damages based upon accusations of negligence and breach of a fiduciary duty. According to the claim, common or preferred stock transactions were not suitable and lacked appropriate supervision from the securities broker dealer. The claim also alleges that the customer’s account was churned. FINRA Arbitration No. 18-02098.

Venturino is also referenced in a customer initiated investment related arbitration claim which had been settled for $300,668.16 in damages on May 30, 2019 supported by allegations that unauthorized transactions were effected in the customer’s account and that investment recommendations failed to be suitable for the customer when Venturino was employed by Aegis Capital. FINRA Arbitration No. 18-00408.

On October 8, 2019, a customer requested $150,000.00 in damages supported by allegations that between 2013 and 2019, securities transactions facilitated in the customer’s account by the stockbroker were in no way suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03005.

FINRA Public Disclosure reveals that Venturino has been suspended indefinitely from associating with any FINRA member in any capacity based upon allegations that he failed to comply with an arbitration award against him by Aegis Capital Corp. FINRA Case No. 17-02105 (July 17, 2018). 

Venturino’s registration with Aegis Capital has been terminated as of July 28, 2017. He had been registered with Spartan Capital Securities LLC since April 17, 2018. Since December 17, 2010, Venturino has been associated with five different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.