Last Updated: November 2023 (Glen Cove, NY)
Michael Colletti Investigation Summary
Here’s what you need to know about Glen Cove, NY, stockbroker Michael Colletti:
- Name: Mr. Michael Colletti
- Current Employer: Sovereign Global Advisors
- DBA: Polaris Financial Group
- Previous Firms: The Investment Center, Cadaret Grant & Co., Securities America, National Securities Corp.
- Function: Stock Broker/ Financial Advisor/Registered Investment Advisor
- Aliases: Michael Colletti
- Primary Location: Glen Cove, NY
- CRD 4577898
- Can Michael Colletti be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Pending regulatory investigation: Yes
- Discharged by a prior employer: Yes
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Michael Colletti As Your Stockbroker?
In 2/2023 FINRA initiated a regulatory investigation of Michael Colletti. According to the FINRA complaint, while employed by Investment Center Colletti placed trades of more than $157,000 in the account of an elderly customer without the customer’s approval. The complaint alleges that Colletti unsuitably and excessively traded the account causing the customer to incur high cumulative trading costs. Colletti’s excessive trading resulted in a turnover rate of 10.28 and a cost to equity ratio of 86%, on an annualized basis.
In 1/2018, Michael Colletti was fined $7,500 and suspended for three months by FINRA for failing to reasonably supervise cold callers in his branch office. The cold callers were not registered and were not authorized by firm policy.
Michael Colletti was discharged by National Securities Corp. in 10/2014 for failing to disclose outside business activities and then ‘permitted to resign’ from Securities America for failing to timely disclose his discharge from National Securities Corp.
Allegations of Broker Misconduct Against Michael Colletti by Regulators
Regulators have alleged the following wrongdoing by Michael Colletti:
- Excessively trading the account of an elderly customer
- Trading the account of an elderly customer without authorization
- Hiring cold callers in violation of firm policy
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Michael Colletti, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
