Michael S. Lavolpe, of New York, New York, a stockbroker formerly registered with Meyers Associates, L.P., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity per an Office of Hearing Officers’ Default Decision containing findings that Lavolpe failed to provide FINRA with a response to its requests for information and documentation. Department of Enforcement v. Lavolpe, No. 2015047559201 (Dec. 6, 2016).
According to the Decision, Lavolpe was sent a letter from FINRA in December of 2015, per Rule 8210, which asked Lavolpe to disclose information concerning his transactions within a firm customer’s accounts, per a FINRA investigation into allegations that Lavolpe effected unsuitable transactions in a customer’s account. Lavolpe reportedly failed to respond to such request. Subsequently, FINRA sent another request to Lavolpe in March of 2016, which Lavolpe did not respond to.
Department of Enforcement reportedly charged Lavolpe in a Complaint alleging violation of FINRA Rule 8210, particularly for Lavolpe’s failure to provide FINRA with information and documentation that FINRA requested. Lavolpe evidently failed to respond to the Complaint. As such, FINRA found that Lavolpe violated FINRA Rules 8210 and 2010, leading to his permanent bar.
FINRA Public Disclosure reveals that Lavolpe has been subject to eight events concerning allegations of misconduct. Particularly, on September 13, 2010, a customer initiated investment related arbitration claim involving Lavolpe’s conduct was settled for $60,000.00 in damages based upon allegations that Lavolpe churned the customer’s account, negligently handled the customer’s investments, and breached his fiduciary duty to the customer. The customer additionally alleged that Meyers Associates, L.P. failed to supervise Lavolpe’s activities in this regard.
On May 5, 2015, a customer was awarded $300,000.00 in damages per an investment related arbitration claim involving Lavolpe’s conduct, in which the customer alleged that Lavolpe omitted facts to the customer concerning investments, negligently handled the customer’s investment account, and breached his fiduciary duty the customer.
Further, on April 7, 2016, four customers filed investment related arbitration actions regarding Lavolpe’s conduct, in which the customers have collectively requested $1,107,183.00 in damages based upon allegations that Lavolpe effected unsuitable investments in the customers’ accounts.
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