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Investor Alleges Michael Ricca Failed to Diversify Portfolio

May 12, 2023 Failure to Follow Instructions

Michael Ricca (CRD #: 2156525), a broker registered with Morgan Stanley, allegedly failed to follow a client’s instructions, according to his BrokerCheck record, accessed on May 5, 2023. If you want to know more about his alleged conduct as a broker, keep reading.

Investor Dispute

On February 9, 2023, an investor alleged that Michael Ricca failed to follow instructions to diversify the client’s portfolio in 2020. This dispute was denied by the firm.

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

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Background Information

Michael Ricca has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 3 – National Commodity Futures Examination
  • Series 7 – General Securities Representative Examination
  • Series 10 – General Securities Sales Supervisor – General Module Examination
  • Series 9 – General Securities Sales Supervisor – Options Module Examination
  • Series 8 – General Securities Sales Supervisor Examination (Options Module & General Module)

Michael Ricca is a registered broker in 45 states, as well as the District of Columbia and Puerto Rico. He is also a registered investment adviser in New Jersey and Texas.

He has also worked for Citigroup Global Markets (CRD#:7059) and Lehman Brothers (CRD#:7506).

Kurta Law Can Help

If you worked with Michael Ricca and you have concerns about your investments, please contact us today at 877-600-0098 or 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.