Michael Colletti, formerly of National Securities Corp., Suspended Three Months by FINRA
Have you lost money with financial advisor Michael Colletti of Melville, New York? We are continuing our investigation into allegations made by FINRA, the Financial Industry Regulatory Authority, against Michael C. Colletti. In 2017, FINRA brought a claim against Colletti, making several allegations. In January 2018, FINRA suspended Colletti three months in a principal capacity and fined him $7,500.
FINRA alleged that in 2014, while he was registered with National Securities Corp., Colletti hired a number of employees to cold-call prospective investors. Many of the employees hired by Colletti were not properly registered with National Securities Corp. Colletti was alleged to have failed to adequately supervise these cold-callers. It was alleged that the cold-callers made material misrepresentations about investments and used unapproved sales scripts.
Michael Colletti was a financial advisor and registered representative of National Securities Corp. from March 2012 to November 2014. He is currently registered with Investment Center, Inc., from January 2017 to the present. He worked at a branch office in Melville, New York. National Securities Corp. terminated Colletti after it allegedly discovered these allegations.
Brokerage firms like National Securities Corp. have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in the Seattle area, Denver, and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York and in the New York City area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including National Securities Corp.
Click to view: Colletti, Michael FINRA Order
Click to view: Colletti, Michael FINRA Complaint
Click to view: Colletti, Michael BrokerCheck 8.1.17
If you lost money with Michael Colletti or National Securities Corp., please CONTACT US at 206-795-5798 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.