Michael James Resciniti of Melville, New York, a stockbroker formerly registered with Laidlaw & Company (UK) Ltd., has been suspended for seven months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he executed trades in customer accounts without their permission. Letter of Acceptance, Waiver and Consent, No. 2015046441601 (Nov. 16, 2017). According to the AWC, from February of 2015 to August of 2015, thirty-one unauthorized trades were effected by Resciniti in two of the firm’s customer accounts. FINRA found that Resciniti’s conduct was violative of FINRA Rule 2010.
This is not the first time that Resciniti was sanctioned for unauthorized trading. In April of 2007, Resciniti was fined $5,000.00 and suspended in all capacities by National Association of Securities Dealers (NASD) according to an Offer of Settlement containing findings that Resciniti effected eleven trades in a customer’s account on an unauthorized basis while employed with Continental Broker Dealer Corp. Department of Enforcement v. Michael J. Resciniti, Disciplinary Proceeding No. ELI20030562-01 (Jan. 19, 2017). Evidently, Resciniti prompted the purchase of 10,000,000 shares for customer BC’s account, but this was never consented to by the customer. The customer sustained a $10,822.00 loss resulting from Resciniti’s conduct. NASD found Resciniti’s conduct to be violative of Rule 2110.
Moreover, Resciniti’s securities registration in the State of Illinois was revoked by the State of Illinois Secretary of State, Securities Department, according to Illinois Securities Act Section 8.E(1)(j), based upon FINRA’s disciplinary action against him. In the Matter of: Michael J. Resciniti, File No. 0700262 (July 11, 2007).
FINRA Public Disclosure confirms that Resciniti has been identified in five customer initiated investment related disputes pertaining to accusations of his wrongdoing during the time that he was associated with Continental Broker Dealer Corp, Harrison Securities Inc., Milestone Financial Services, Inc., and Rockwell Global Capital LLC. Specifically, on October 25, 2002, a written complaint involving Resciniti’s conduct was settled for $2,500.00 in damages founded on allegations that Resciniti charged the customer with excessive commissions.
Subsequently, on March 12, 2004, a written complaint regarding Resciniti’s activities was resolved for $2,500.00 in damages supported by allegations that Resciniti failed to follow the customer’s instructions concerning stock investments. On December 15, 2003, another customer filed an investment related written complaint involving Resciniti’s conduct, where the customer sought $10,842.00 in damages based upon accusations that Resciniti placed unauthorized stock trades in the customer’s investment account.
Thereafter, on November 10, 2005, a customer filed an investment related written complaint pertaining to Resciniti’s conduct, in which the customer requested $15,800.00 in damages supported by allegations that Resciniti traded in the customer’s account without the customer’s consent. Further, on March 3, 2015, a customer filed an investment related written complaint regarding Resciniti’s activities, where the customer sought $5,300.00 in damages founded on accusations that Resciniti utilized the customer’s margin account excessively.
Following Resciniti’s termination from Laidlaw & Company, he worked at First Standard Financial Company LLC from January 29, 2016 to July 15, 2016, and Spartan Capital Securities, LLC since July 14, 2016. Since November 21, 2000, Resciniti has been associated with nineteen different broker dealers, twelve of which were expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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