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Michael Colacci Allegedly Failed to Provide Full Disclosure to Clients

Michael Colacci (CRD #: 2504222), a broker registered with Morgan Stanley, allegedly failed to fully explain annuitization to clients, according to his BrokerCheck record, accessed on October 9, 2022. Read on if you want to know more about his conduct as a broker.

Investor Dispute

On July 21, 2022, several investors alleged that, between August 30 and September 7, 2021, Michael Colacci failed to provide full disclosure by failing to explain what the clients would be giving up in exchange for annuitizing their insurance policies. This dispute is pending.

FINRA Rule 2020 

FINRA Rule 2020 bans the use of manipulation, deception, and other unethical means of influencing investors’ decisions. This includes the misrepresentation or omission of material facts related to investments.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 2020 are automatic violations of FINRA Rule 2010. 

Background Information

Michael Colacci has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Michael Colacci is a registered broker in 28 states and the District of Columbia. He is also a registered investment adviser in New Jersey and Texas.

He has also worked for the following firms:

  • UBS Financial Services (CRD#:8174)
  • Morgan Stanley Smith Barney (CRD#:149777)
  • Citigroup Global Markets (CRD#:7059)
  • Morgan Stanley DW (CRD#:7556)
  • Janney Montgomery Scott (CRD#:463)
  • Prudential Securities (CRD#:7471)

Kurta Law Can Help

If you worked with Michael Colacci and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.