Last Updated: September 2023 (Georgetown, Texas)
Michael Delao Investigation Summary
Here’s what you need to know about Georgetown, Texas, stockbroker Michael R. Delao
- Name: Mr. Michael Ramon Delao
- Current Employer: Suspended by FINRA
- Previous Firms: St. Bernard Financial Services, IFS Securities, IFS Advisory, Century Securities Associates, Southwest Securities, First Avantus Securities, Riverstone Wealth Management, Morgan Keegan & Co.
- Function: Suspended Stockbroker / Financial Advisor
- Aliases: Abelshauser Delao
- Primary Location: Georgetown, Texas
- CRD #2406749
- Can Michael Ramon Delao be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Sanctioning Agencies: FINRA and Texas State Securities Board
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Michael Delao As Your Stockbroker?
Michael Delao discloses one customer dispute early in his career. While he was registered with Dickinson & Co. in 1994 a customer alleged damages of $25,000 for failure to execute, unsuitable recommendations and unauthorized trading. His CRD is unclear as to the amount of the settlement.
Allegations of Broker Misconduct Against Michael Delao
CUSTOMER ALLEGATIONS
A customer of Michael Delao has alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation
- Unauthorized Trading
- Negligence
- Failure to Execute
REGULATORY AGENCY ALLEGATIONS
- 9/5/2023- The Texas State Securities Board issued a Disciplinary Order [PDF] finding that Michael Delao failed to report a felony charge within 30 days in violation of Section 115.9(a)(2) of board rules. The Board suspended Michael Delao 90 days and assessed an administrative fine of $5,000.
- 8/8/23- FINRA found that Michael Delao was charged in an offense deemed a felony in Arizona State court and was required to disclose that on his Form U4. Having failed to timely do so, FINRA suspended Deleo for three months and assessed a $2,500 administrative penalty.
- 12/16/2016- The Texas State Securities Board alleged that Deleo was arrested and indicted on two felony charges. Although the felony charges were dismissed, Deleo failed to report the charges to his FINRA registered broker dealer employer in violation of Board rules. The Board assessed a $7,500 administrative penalty.
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.
Interested in more information on Unauthorized Trading? Visit this link for posts dealing with unauthorized trading.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Michael Delao, contact us for a complimentary consultation with an experience 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.
