Michael Conte Allegedly Recommended Risky Fusion Analytics Securities Promissory Notes
Michael Conte (CRD #: 2646071), a broker registered with Fusion Analytics Securities, is the subject of a civil action initiated by the Securities and Exchange Commission (SEC), according to his BrokerCheck record, accessed on October 14, 2011. The SEC alleges that Michael Conte omitted material information when he recommended certain securities to elderly investors. Brokers are required to provide investors with any information that could affect their decision to purchase a security.
On August 17, 2021, the SEC alleged that Michael Conte, Fusion Analytics Investment Partners (FAIP), and Fusion Analytics Holdings raised approximately $1.4 million from ten investors through the sale of FAIP promissory notes. Most of these investors were elderly and retired, according to the complaint.
The SEC also alleges that Michael Conte and his co-defendants made material misrepresentation regarding FAIP’s profitability and the soundness of the notes. The defendants were unable to repay investors their principal at the time of the notes’ maturity due to FAIP’s worsening financial condition. They ultimately defaulted on the majority of the notes.
On July 6, 2020, FINRA made a preliminary determination to recommend that disciplinary action be brought against Michael Conte. FINRA alleged he engaged in fraud in the sale of bonds and violated FINRA Rule 2111, which states that brokers are only to recommend investments that fit their client’s risk profile and financial goals.
FINRA also alleged that Michael Conte violated FINRA Rule 8210 by providing misleading and inaccurate responses to information requests and by failing to provide bank statements in a timely manner.
On November 23, 2016, Michael Conte became the subject of a civil judgment for $565,225.
On July 5, 2016, an investor alleged that Michael Conte breached his fiduciary duty. This arose out of the sale of a FAIP promissory note. The investor sought $500,000; the dispute settled for $100,000.
Michael Conte Background Information
Michael Conte has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 79 Investment Banking Registered Representative Examination
- Series 31 Futures Managed Funds Examination
- Series 7 General Securities Representative Examination
- Series 6 Investment Company Products/ Variable Contracts Representative Examination
- Series 27 Financial and Operations Principal Examination
- Series 24 General Securities Principal Examination
He is a registered broker in Florida and New York.
Michael Conte has worked with the following firms:
- Fusion Analytics Securities (CRD #: 124245)
- Seton Securities (CRD #: 18044)
- Fusion Analytics Investment Partners (CRD #: 139321)
- Redwood Brokerage (CRD #: 39416)
- CitiGroup Global Markets (CRD #: 7059)
- Morgan Stanley (CRD #: 7556)
- Cowen & Co. (CRD #: 1541)
- Creative Capital Management Corporation (CRD #: 11145)
- Securities & Investment Planning (CRD #: 36538)
- Locust Street Securities (CRD #: 1703)
Kurta Law Can Help
If you lost money while working with Michael Conte, please contact us today at 877-600-0098 or email@example.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors 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.