Michael J. Smeriglio III, of Greenwich, Connecticut, a stockbroker formerly registered with MetLife Securities Inc., has been subject to a customer initiated investment related arbitration claim on June 26, 2015, which settled for $2,500,000.00 in damages based upon allegations that Smeriglio breached his fiduciary duty to the customer, stole the customer’s funds, and committed fraud.
FINRA Public Disclosure reveals that Smeriglio has been subject to three additional events concerning misconduct. Particularly, on July 21, 2014, Smeriglio’s registration was terminated with MetLife based upon allegations that Smeriglio admitted to his firm that he took loans from a firm customer.
On November 4, 2014, Smeriglio was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Smeriglio failed to cooperate in a FINRA investigation into allegations that he converted funds belonging to customers. Letter of Acceptance, Waiver and Consent, No. 2014042110701 (Nov. 3, 2014).
According to the AWC, Smeriglio received a letter from FINRA, per Rule 8210, requesting that Smeriglio furnish information and documentation pertaining to allegations of funds having been converted from a customer’s trust and estate by Smeriglio. After receiving an extension of time to respond to FINRA’s request, Smeriglio reportedly failed to provide FINRA with the information and documentation by an August 15, 2014 deadline.
The AWC stated that Smeriglio was provided another opportunity to provide FINRA with information and documentation; however, Smeriglio’s counsel indicated to FINRA personnel on August 29, 2014, that Smeriglio would not be cooperating. Evidently, Smeriglio never provided FINRA with the information and documentation requested of him. FINRA found that Smeriglio’s conduct was violative of FINRA Rule 2010 and 8210, leading to his bar.
Subsequently, on April 20, 2015, a customer initiated investment related arbitration claim involving Smeriglio’s conduct was settled for $50,000.00 in damages based upon allegations that Smeriglio made misrepresentations to the customer concerning investments and committed fraud in connection with the customer’s variable annuity purchases.
Guiliano Law Group
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