Last Updated: September 2023 (Garden City, NY)
Michael J. Russo Investigation Summary
Here’s what you need to know about Garden City, NY, stockbroker Michael J. Russo:
- Name: Mr. Michael Joseph Russo
- Current Employer: Spartan Capital Securities
- Previous Firms: Craft Capital Management, Laidlaw & Company, Global Arena Capital(expelled by FINRA 1/2016), Prestige Financial Center
- Function: Stock Broker/ Financial Advisor
- Aliases: None
- Primary Location: Garden City, NY
- CRD 3072489
- Can Michael J. Russo be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Discharged by Prior Employer: Yes
- Discloses Outstanding Liens/Judgements: Yes
- Highest Settlement: $30,000
- Pending Customer Dispute Seeks Damages of Unspecified Amount
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Michael J. Russo As Your Stockbroker?
IN 2016 FINRA suspended Michael J. Russo for one year and assessed a fine of $35,000 to resolve allegations that in the handling of an account for a customer of Global Arena Capital, Russo violated FINRA Rules 3110, 4511, 2010, 2210, see below for details.
In a currently pending FINRA arbitration a customer of Spartan Capital Securities seeks an unspecified amount of damages and alleges that Michael Russo churned their account and was grossly negligent.
Russo discloses 7 prior customer disputes including a $30,000 settlement paid to a customer of Prestige Financial Center who alleged that Russon made unauthorized trades and unsuitable recommendations.
Global Arena Capital discharged Michael Russo in 11/2013 for making false and exaggerated / misleading statements to the public and failing to provide truthful responses to questions posed by FINRA staff.
Michael J. Russo discloses on his CRD 6 currently outstanding Judgment/Liens, including a $101,954 judgment in favor of American Express Centurion Bank, filed in Suffolk County Supreme Court 9/9/2017.
Allegations of Broker Misconduct Against Michael J. Russo
Customers of Michael J. Russo have alleged the following wrongdoing in connection with the handling of customer accounts:
- Churning
- Unauthorized Trading
- Unsuitable recommendations
FINRA has alleged that Michael J. Russo committed the following wrongdoing in connection with the handling of customer accounts:
- Communicated with the public about his securities business using personal emails and texts, in violation of firm policy
- Send emails that contained false, exaggerated, unwarranted or misleading statements, contained inappropriate predictions of performance and that failed to provide the investor with a sound basis for evaluating the investment.
- Made false statements to FINRA during an investigation
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 J. Russo, 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.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
