Michael Muratore Suspended by FINRA
Michael Muratore (CRD #: 4852412) has been suspended by FINRA, according to his BrokerCheck record, accessed on May 5, 2022. Read on if you have questions about Michael Muratore’s conduct as a broker.
Suspension by FINRA
On April 14, 2022, Michael Muratore was suspended by FINRA due to his alleged failure to comply with an arbitration award/settlement agreement and failure to satisfactorily respond to a FINRA request for information on his compliance.
The suspension is indefinite until the payment is made or the debt is discharged.
FINRA Investigation and Sanctions
Filed on March 18, 2022, a letter of Acceptance, Waiver, and Consent (AWC) alleges that Michael Muratore violated FINRA Rules 4511 and 2010 by causing a firm to keep inaccurate records and by failing to meet standards of commercial honor.
The AWC alleges that, from January to March 2019, Michael Muratore forged the signature and initials of a client (Customer A) on 18 documents involving the surrender of three annuities and the purchase of a variable annuity. He also allegedly prepared a switch form in connection with his recommendation to Customer A that she liquidate holdings to purchase two mutual funds.
The allegations add that in February 2019, Michael Muratore altered the date on an investment switch form for transactions in Customer A’s securities accounts.
The allegations also involve another client, Customer B. From June 2018 to April 2019, Michael Muratore allegedly failed to disclose to J.P. Morgan Securities that he was named as a beneficiary for a Transfer on Death (TOD) account in June 2018 for Customer B and actively concealed this information from the firm. It is against J.P Morgan’s policies for brokers to be named as customers’ beneficiaries.
Lastly, the findings allege that Michael Muratore impersonated a client of LPL Financial (Customer C) in July 2020. Michael Muratore allegedly held three telephone conversations with an insurance company concerning an annuity owned by the customer.
FINRA Rules 4511 and 2010
FINRA Rule 4511 requires firms to maintain books and records, with the implicit obligation to ensure all information is accurate. Forgery and impersonation violate FINRA Rule 2010, which requires brokers to maintain high standards of commercial honor and ethical conduct.
Following the filing of this regulatory action, Michael Muratore faced the following sanctions:
- $25,000 fine
- Two-year suspension from associating with FINRA members in all capacities
His suspension began on April 18, 2022, and will end on April 17, 2024. You can read the full AWC here.
Discharge from Previous Firms
Michael Muratore has resigned or been discharged from several firms in the past:
- Following the FINRA investigation described above, Michael Muratore was permitted to resign from Benchmark Investments on April 14, 2022.
- He was fired from LPL Financial Services and Financial Resources Group Investment Services on February 3rd and 4th, 2021, respectively, following the allegations of impersonating a client described above.
- On April 30, 2019, Michael Muratore was fired from JPMorgan Chase Bank for allegedly disputing charges on his personal affiliate bank credit card.
Michael Muratore has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
He has also worked for the following firms:
- Benchmark Investments (CRD#:103792)
- LPL Financial (CRD#:6413)
- Financial Resources Group Investment Services (CRD#:170845)
- J.P. Morgan Securities (CRD#:79)
- Wells Fargo Advisors (CRD#:19616)
- Credit Suisse Securities (USA) (CRD#:816)
Kurta Law Can Help
If you worked with Michael Muratore 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.