Investors Seek Over $4 Million in Disputes with Michael Romano

Michael Romano (CRD #: 734293), a broker registered with Arete Wealth Management, allegedly made unsuitable investment recommendations, according to his BrokerCheck record, accessed on October 30, 2024. Keep reading to learn more about his alleged conduct as a broker.

Investor Disputes

Eleven disputes filed on August 23, 2024, allege that Michael Romano gave unsuitable investment recommendations. These disputes seek a collective $4.011 million in damages.

Two disputes filed on August 23, 2024, also made allegations of unsuitable investment recommendations. These disputes were settled for a total of $210,000.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must take into account the information described in the investor’s profile, including the following:

• Age
• Financial goals
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status

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

Background Information

Michael Romano has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• Series 99TO – Operations Professional Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 14 – Compliance Officer Examination
• Series 24 – General Securities Principal Examination

He has also worked for the following firms:

• Center Street Securities (CRD#:26898)
• Newbridge Securities (CRD#:104065)
• TradeStation Securities (CRD#:39473)
• Rooney, Pace Inc. (CRD#:6218)
• John Muir & Co. (CRD#:2837)

Kurta Law Can Help

If you worked with Michael Romano 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 that 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.