Investor Alleges Michael Giordano Recommended Unsuitable Investment Strategy

Michael Giordano (CRD #: 5352775), a broker registered with Charles Schwab & Company, allegedly recommended an unsuitable investment strategy, according to his BrokerCheck record, accessed on June 22, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On April 18, 2023, an investor filed a dispute alleging that Michael Giordano recommended an unsuitable investment strategy in the account of the client’s mother, resulting in losses. The client sought $51,000 in damages but the firm denied the dispute.

However, investors should know that firms can deny disputes without permitting an outside review. Investors may be able to recover their losses by seeking out FINRA arbitration after a denial.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must use the information in an investor’s profile, such as their risk tolerance, tax status, and age when making recommendations.

These requirements apply to the overall investment strategy as well as the investments themselves. For instance, overconcentration in a single stock or sector is often an unsuitable strategy due to the degree of risk involved.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

Background Information

Michael Giordano has passed the following exams:

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

Michael Giordano is a registered broker in 13 states and a registered investment adviser in New Jersey.

He has also worked for the following firms:

• Ameriprise Financial Services (CRD#:6363)     
• Stifel, Nicolaus & Company (CRD#:793)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
• Strategic Advisers (CRD#:104555)
• Fidelity Brokerage Services (CRD#:7784)
• Barclays Capital (CRD#:19714)

Kurta Law Can Help

If you worked with Michael Giordano 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.