Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Michael Joseph Iannarino (CRD # 1258453) was recently permanently barred from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of his failure to cooperate with an investigation into a customer initiated arbitration regarding his alleged recommendation of promissory notes. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Iannarino.
Registration Background for Michael Joseph Iannarino
Mr. Iannarino first became registered in the securities industry in 1984 and was most recently registered with Columbus, OH based Stifel, Nicolaus & Company, Incorporated (CRD # 793) from August 2018 to October 2018. His prior registrations include Private Client Services, LLC (CRD# 120222) from December 2015 to October 2016 and BCG Securities, Inc. (CRD# 70) from October 2011 to April 2015.
FINRA’s Allegations against Michael Joseph Iannarino
FINRA’s investigation led to Mr. Iannarino entering into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA on June 30, 2020. According to the AWC, Mr. Iannarino consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “In January 2020, FINRA began a cause examination to investigate [Mr.] Iannarino’s potential recommendation and sale of promissory notes to four individuals”;
- “In connection with this investigation, on March 11, 2020 and March 26, 2020, FINRA sent [Mr.] Iannarino requests for the production of documents and information pursuant to FINRA Rule 8210”;
- “[Mr.] Iannarino provided partial but incomplete responses to these requests”;
- “On May 15, 2020, FINRA sent Iannarino a third request pursuant to FINRA Rule 8210, detailing the deficiencies of the responses to the prior requests and again requesting these documents and information”;
- “Between May 29, 2020 and June 11, 2020, [Mr.] Iannarino provided documents in response to the March 11, March 26, and May 15 requests; however, the response was incomplete”;
- “[Mr.] Iannarino’s partial responses to FINRA’s Rule 8210 requests did not substantially comply with FINRA’s Rule 8210 requests, and the information and documents Iannarino failed to provide were material to FINRA’s investigation”;
- “As stated in email correspondence with FINRA staff on June 22, 2020, and by this agreement, [Mr.] Iannarino acknowledges that he received FINRA’s requests and will not produce the outstanding documents and information requested pursuant to FINRA Rule 8210”; and
- “By refusing to produce information and documents requested pursuant to FINRA Rule 8210, [Mr.] Iannarino violated FINRA Rules 8210 and 2010.”
FINRA Sanctions Michael Joseph Iannarino
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s June 30, 2020 AWC also indicates that Mr. Iannarino consented to the following sanction:
- A bar from association in all capacities with any FINRA member.
Michael Joseph Iannarino has a History of Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Iannarino (page 14 – 18) reveals he has a history of customer complaints and arbitrations, including but not necessarily limited to the following:
- On August 24, 2001 a customer initiated a written complaint against Mr. Iannarino for acts that allegedly occurred while he was associated with Wachovia Securities, LLC. The customer alleged Mr. Iannarino failed to follow her order instructions and that she suffered damages in the amount of $10,800.00 as a result. On October 26, 2001 the complaint was settled in the amount of $10,800.00 with Mr. Iannarino required to contribute $6,480.00 towards the settlement amount.
- On February 17, 2009 a customer initiated a written complaint against Mr. Iannarino for acts that allegedly occurred while he was associated with Wachovia Securities, LLC. The customer alleged transactions done in a discretionary account were not authorized and that they suffered damages in the amount of $109,456.38 as a result. On April 8, 2009 the complaint was denied.
- On May 17, 1999 a customer initiated a written complaint against Mr. Iannarino for acts that allegedly occurred while he was associated with Merrill Lynch. The customer alleged the terms of a life insurance policy were misrepresented to her and that she suffered damages in excess of $5,000.00 as a result of such misrepresentation. On June 11, 1999 the complaint was denied.
- On January 17, 2020 a customer initiated arbitration was filed naming Mr. Iannarino as a Respondent for acts that allegedly occurred while he was associated with Private Client Services, LLC. The customer alleged Mr. Iannarino recommended investing in an unregistered security through the use of promissory notes which were represented as a safe, low-risk investment with a high return. The customer alleged that they suffered damages in the amount of $140,000.00. The arbitration is currently pending.
If you or someone you know has or had a brokerage account with Mr. Michael J. Iannrino and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
