Investor Alleges Michael Corrada Recommended Unsuitable Corporate Bond
Michael Corrada (CRD #: 709158), a broker previously registered with Center Street Securities, allegedly made unsuitable investment recommendations, according to his BrokerCheck record, accessed on June 25, 2022. Keep reading to learn more about Michael Corrada’s conduct as a broker.
Alleged Unsuitable Investment Recommendation
On April 19, 2022, an investor alleged that Michael Corrada recommended a corporate bond that was unsuitable for the client. The investor seeks $500,000 in this pending dispute.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to consider whether an investment suits their investor’s financial goals. Brokers must examine the characteristics described in an investor’s profile, including the following:
- Financial goals
- Risk tolerance
- Time horizon (i.e., how long the investment will be held)
- Investing experience
- Tax status
Investors who feel their losses were caused by unsuitable investment recommendations may be able to recoup their losses by pursuing FINRA arbitration.
Previous Suitability Dispute
Michael Corrada was also named in a 2011 dispute alleging failure to supervise and unsuitable recommendation of RMK funds. The client sought $455,000 and received a settlement of $67,500.
FINRA Rule 3110
Failure to supervise violates FINRA Rule 3110, which requires firms to establish systems of supervision over their registered brokers to ensure compliance with securities regulations.
Michael Corrada 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
- Series 53 – Municipal Securities Principal Examination
- Series 24 – General Securities Principal Examination
He has also worked for the following firms:
- Center Street Securities (CRD#:26898)
- Coastal Equities (CRD#:23769)
- Centaurus Financial (CRD#:30833)
- Suntrust Investment Services (CRD#:17499)
- BB&T Investment Services (CRD#:33856)
- Crestar Securities Corporation (CRD#:17464)
- Signet Investment Corporation (CRD#:17511)
- E. F. Hutton & Company (CRD#:235)
- Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
- Anderson & Strudwick (CRD#:48)
Kurta Law Can Help
If you worked with Michael Corrada and you have concerns about your investments, please contact us today at 877-600-0098 or email@example.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.