Michael Vassalotti Allegedly Misrepresented Unsuitable Investment Strategy
Michael Vassalotti (CRD #: 1461475), a broker registered with UBS Financial Services, allegedly recommended an unsuitable investment strategy, according to his BrokerCheck record, accessed on March 20, 2023. Read on if you want to know more about his alleged conduct as a broker.
Investor Dispute
On February 1, 2023, an investor alleged that Michael Vassalotti made material misrepresentations regarding an unsuitable investment strategy he allegedly recommended from October 30, 1998, to August 1, 2022. The client further alleged that this strategy was not in the client’s best interest.
The investor seeks $974,094.12 in damages in this pending dispute.
FINRA Rule 2020
FINRA Rule 2020 bans the use of deceptive, manipulative, and otherwise fraudulent means of influencing the purchase and sale of securities. Misrepresenting material facts about an investment’s features, limitations, or risks violates this rule.
FINRA Rule 2111 and Regulation Best Interest
FINRA Rule 2111 requires brokers to take into account investors’ financial goals when making investment recommendations or investment strategy recommendations. Brokers must consult an investor’s profile, which contains information about their tax status, age, and risk tolerance.
Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments. They must ensure their recommendations are suitable for the investor.
Kurta Law are professional and caring attorneys. As victims of investment/security fraud, we did not expect to ever recover any of the investments we lost. Jonathan was patient and kind throughout the process. He was always quick to answer questions, often within minutes, through email and text. Thank you to Fitapelli Kurta for such wonderful work. They helped restore our faith in people. I highly recommend them and would use them again without hesitation.- Donna Longuillo
Background Information on Michael Vassalotti
Michael Vassalotti is a registered broker in 21 states and a registered investment adviser in Florida and Texas. He 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 6 – Investment Company Products/Variable Contracts 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)
- Series 26 – Investment Company Products/Variable Contracts Principal Examination
Michael Vassalotti has also worked for the following firms:
- Morgan Stanley Smith Barney (CRD#:149777)
- Morgan Stanley & Company (CRD#:8209)
- Morgan Stanley (CRD#:7556)
- Equico Securities (CRD#:6627)
- The Equitable Life Assurance Society of the United States (CRD#:4039)
- Pruco Securities (CRD#:5685)
Kurta Law is Here to Help
For over 20 years, Kurta Law has represented investors seeking to recover 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 our firm only earns a fee if our securities attorneys recover money on your behalf.
If you worked with Michael Vassalotti and are concerned, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.