Aegis Capital Sued By Investors For Misconduct

stockbrokerfraud15 - Aegis Capital Sued By Investors For Misconduct

Michael Christopher Venturino of Garden City New York a stockbroker formerly registered with Aegis Capital Corp is the subject of a customer initiated investment related arbitration claim which was settled for $300,668.16 in damages based upon accusations that (1) investment recommendations made to the customer failed to be suitable (2) unauthorized trades were effected in the customer’s account during the period in which Venturino was associated with Aegis Capital Corp. FINRA Arbitration No. 18-00408 (May 30, 2019).

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Venturino is referenced in seven more customer initiated investment related disputes containing allegations of his violative conduct while employed with securities broker dealers including Craig Scott Capital and Aegis Capital Corp. In fact, a customer initiated investment related complaint involving Venturino’s conduct was resolved for $76,500.00 in damages founded on accusations of breach of contract, negligence, failure to supervise, fraud, churning, unsuitability, and unauthorized trading of stock and over-the-counter equities in the customer’s account.

Venturino is referenced in a customer initiated investment related arbitration claim where the customer requested $55,855.00 in damages based upon allegations that trades were executed in the customer’s account in excessive amounts; transactions were inappropriate and unsuitable; and the customer’s account was churned. FINRA Arbitration No. 17-01066 (May 23, 2017). Another customer filed an investment related arbitration claim in regard to Venturino’s conduct where the customer sought $290,359.83 in damages founded on accusations that when Venturino was associated with Aegis Capital Corp, transactions executed in the customer’s account were not suitable for the customer, misrepresentations had been made concerning private placements, options and stocks; and the customer’s investment portfolio was churned. FINRA Arbitration No. 18-02948 (Sept. 11, 2018).

On June 14, 2017, another customer initiated investment related arbitration claim involving Venturino’s activities was settled for $142,500.00 in damages based upon allegations that between June of 2014 and January of 2016, fiduciary duties owed to the customer had been breached; transactions were effected without authorization; and trades had been executed in the customer’s account on an excessive basis. FINRA Arbitration No. 16-00901. Also, a customer filed an investment related arbitration claim concerning Venturino’s conduct where the customer requested $14,745,513.00 in damages founded on accusations that Venturino violated his fiduciary duties, placed the customer in investments which failed to be suitable, churned the customer’s account, effected negligent transactions; and Craig Scott Capital failed to supervise Venturino’s activities resulting in the customer’s losses. FINRA Arbitration No. 18-02098 (Sept. 20, 2018).

Venturino’s registration with Aegis Capital Corp. has been terminated as of July 28, 2017. Between July 1, 2017 and April 12, 2018, he was employed by Trident Partners Ltd. Since April 17, 2018, Venturino has been registered with Spartan Capital Securities LLC.