More Investors Bring FINRA Arbitration Claims Against Aegis Capital For Unauthorized Trading
Michael Christopher Venturino of Melville New York a stockbroker formerly registered with Aegis Capital Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought between $100,000.00 and $500,000.00 in damages supported by accusations that a contract between the customer and the securities broker dealer had been breached and that unauthorized trades were executed in the customer’s account by the stockbroker between December of 2015 and June 2017 at Aegis Capital Corporation. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01730 (July 24, 2020).
FINRA Public Disclosure reveals that Venturino has been identified in eleven more customer initiated investment related disputes concerning allegations of his misconduct while he was employed by Craig Scott Capital, Spartan Capital Securities and Aegis Capital Corporation. On November 29, 2017, a customer initiated investment related complaint involving Venturino’s conduct was resolved for $16,500.00 in damages founded on accusations that unauthorized common and preferred stock trades were effected in the customer’s account between November 3, 2016 and June 27, 2017.
On May 30, 2019, a customer initiated investment related arbitration claim concerning Venturino’s conduct was settled for $300,668.16 in damages based upon allegations that the customer had been provided with bad investment recommendations and that trades were made without the customer’s consent by Venturino at Aegis Capital Corporation. FINRA Arbitration No. 18-00408 (May 30, 2019).
Venturino is referenced in a customer initiated investment related arbitration claim in which the customer requested $150,000.00 in damages supported by accusations that between 2013 and 2019, the customer had been subject to Venturino’s high pressure sales tactics and was placed into inappropriate investments. FINRA Arbitration No. 19-03005 (Dec. 26, 2019). Another customer initiated investment related arbitration claim involving Venturino’s conduct was resolved for $225,000.00 in damages founded on allegations of unreasonable investments by Venturino which led the customer to experience losses. FINRA Arbitration No. 19-03834 (Feb. 7, 2020).
Venturino is also the subject of a customer initiated investment related arbitration claim where the customer sought $985,000.00 in damages based upon accusations that the customer’s account was churned and that Venturino’s negligence caused the customer losses. FINRA Arbitration No. 20-01455 (May 8, 2020). According to the claim, transactions executed in the customer’s account were not suitable for the customer. A fiduciary duty that was owed to the customer had allegedly been breached between 2015 and May 2020.
FINRA Public Disclosure also confirms that Venturino has been fined and suspended from associating with any FINRA member in any capacity supported by findings that Venturino neglected to confirm with FINRA personnel whether he complied with a FINRA Arbitration Award. Case No. 17-02105 (July 17, 2018).
Venturino’s registration with Aegis Capital Corporation was terminated on July 28, 2017. He was associated with Trident Partners Ltd. between July 1, 2017 and April 12, 2018 and has been associated 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.