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Michael Venturino Subject of Unsuitable Recommendations, Churning Allegations

Apr 11, 2022 Excessive Trading

Michael Venturino (CRD #: 5872439), a broker registered with Spartan Capital Securities, is alleged to have recommended unsuitable investments and executed excessive trades, according to his BrokerCheck record, accessed on April 6, 2022. Read on if you want to know more about his conduct as a broker.

FINRA Investigations

In 2021, Michael Venturino was the subject of a FINRA investigation that alleged he engaged in excessive and unauthorized trading in the accounts of twelve of his clients at Aegis Capital in order to generate commissions. The FINRA complaint alleges that he violated FINRA Rules 2111, 2020, and 2010, as well as Section 10(b) of the Securities Exchange Act and Rule 10b-5 thereunder.

In 2018, FINRA temporarily suspended Michael Venturino in all capacities for failing to comply with an arbitration award or settlement agreement, or satisfactorily respond to FINRA requests for information on the status of his compliance. He was suspended from July 17 to July 18, 2018.

Allegations of Unsuitability, Excessive Trading, and Fraud

Michael Venturino has faced many investor disputes alleging similar violations. Some of the most significant disputes include:

  • On February 3, 2022, an investor alleged Michael Venturino engaged in excessive and unauthorized trading in their account, misrepresented investments, and committed fraud. The client seeks $250,000 in this pending suit.
  • On May 8, 2020, an investor alleged that Michael Venturino made unsuitable investment recommendations, conducted excessive trades in their accounts, engaged in negligent behavior, and breached his contract between 2015-2020. They sought $985,000 in damages and received a $235,000 settlement. 
  • A 2018 FINRA arbitration alleged excessive trading, unsuitable investment recommendations, and failure to supervise on the part of all respondents. Claimants received a total settlement of $14,745,513.
  • Various disputes from 2016 to 2020 alleged Michael Venturino engaged in excessive and unauthorized trading and made unsuitable investment recommendations. Investors settled for a collective $762,188.16.

Background Information

Michael Venturino has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

He is a registered broker in 15 states.

He has also worked for the following agencies:

  • Trident Partners. (CRD#:41258)
  • Aegis Capital (CRD#:15007)
  • Craig Scott Capital (CRD#:155924)
  • Brookstone Securities. (CRD#:13366)

Kurta Law Can Help

If you worked with Michael Venturino 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.