Investors Allege Michael Coraggio Executed Unauthorized Trades

Michael Coraggio (CRD #: 4684084), a broker registered with Janney Montgomery Scott, was the subject of a recent investor dispute, according to his BrokerCheck record, accessed on August 13, 2022. Keep reading if you have questions about his conduct as a broker.

Investor Disputes

On May 16, 2022, Michael Coraggio was named in a dispute alleging that he executed unauthorized trades and transfers of securities between a client’s accounts between March and May 2022. This dispute was denied by the firm.

In a dispute filed on January 5, 2016, an investor alleged that Michael Coraggio misrepresented a security and executed an unauthorized trade in their account. This dispute was also denied by the firm.

Firm Denials 

Investors should be aware that firms can deny disputes without an external review. Investors can still seek out FINRA arbitration after a denial and potentially recover their losses.

FINRA Rule 3260 and 2020

FINRA Rule 3260 requires brokers to obtain approval from both their client and firm before they can exercise their trading discretion in a client’s account.

FINRA Rule 2020 bans the use of fraudulent tactics to influence investor’s decisions. This includes the misrepresentation of information, such as an investment’s potential returns, limitations, or fees.

Background Information

Michael Coraggio has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• 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 Coraggio is a registered broker in 20 states and the District of Columbia. He is also a registered investment adviser in New Jersey, New York, and Texas.

He has also worked for the following firms:

• BB&T Securities (CRD#:142785)
• Scott & Stringfellow (CRD#:6255)
• Bergen Capital (CRD#:46348)
• The GMS Group (CRD#:8000)

Kurta Law Can Help

If you worked with Michael Coraggio 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.