Michael Andrew Coraggio, of Hasbrouck Heights, New Jersey, a stockbroker formerly registered with BB&T Securities, LLC, is the subject of a customer initiated investment related arbitration claim , which settled on June 7, 2017, wherein the customer received $24,000.00 in damages based upon allegations that Coraggio breached his fiduciary duties, made misrepresentations and omissions to the customer, effected unauthorized transactions in the customer’s account and over-concentrated the customer’s assets.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Coraggio has been identified in seven additional customer initiated investment related disputes containing allegations of his misconduct while employed with Janney Montgomery Scott LLC and Scott & Stringfellow, LLC. Particularly, on February 8, 2010, a customer filed an investment related written complaint involving Coraggio’s conduct, in which the customer requested over $100,000.00 in damages based upon allegations that Coraggio effected municipal and corporate debt transactions in the customer’s account that were not suitable considering the customer was retired and inexperienced with investing.
Subsequently, on March 24, 2010, a customer filed an investment related written complaint regarding Coraggio’s activities, in which the customer sought $5,000.00 in damages based upon allegations that Coraggio effected inappropriate investment transactions in the customer’s account. On May 2, 2013, another customer initiated investment related arbitration claim regarding Coraggio’s activities was resolved for $55,000.00 in damages supported by allegations that Coraggio effected unsuitable bond transactions in the customer’s account.
Moreover, on January 5, 2016, a customer filed an investment related written complaint pertaining to Coraggio’s conduct, wherein the customer requested more than $5,000.00 in damages based upon allegations that Coraggio effected unauthorized transactions in the customer’s account and made misrepresentations to the customer concerning corporate debt securities.
Coraggio has been registered with Janney Montgomery Scott LLC since August 28, 2014.
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