Michael Joseph Dellaporta Jr (also known as Mike Dellaporta) a stockbroker formerly registered with Fusion Analytics Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he refused to hand over documents and information to FINRA when it investigated whether he engaged in outside business activities. Letter of Acceptance Waiver and Consent No. 2020069029001 (Apr. 14, 2021).
According to the AWC, FINRA’s investigation into Dellaporta commenced when it learned of a customer who complained about his purported outside business activity while registered with Fusion Analytics Securities.
On March 23, 2021, Dellaporta was asked by FINRA to hand over documents and information so that it could determine if he engaged in unproved outside business activities. Dellaporta phoned FINRA on April 6, 2021 to relay that he would not provide the requested documents or information at any point in the investigation. The stockbroker violated Rules 2010 and 8210 for his obstruction of FINRA’s investigation.
Dellaporta has been identified in four customer initiated investment related disputes regarding allegations of his wrongdoing while employed by securities broker dealers including Oppenheimer Co. Inc. and Ameriprise Financial Services Inc. FINRA Public Disclosure reveals that a customer initiated investment related complaint concerning Dellaporta’s conduct was settled for $150,000.00 in damages supported by accusations that the customer’s account at Oppenheimer had been overconcentrated in stocks. The complaint alleges that securities purchases were unsuitable given the customer’s risk profile and that there was an unauthorized change in the customer’s strategy.
Another customer initiated investment related FINRA securities arbitration claim regarding Dellaporta’s activities was resolved for $52,500.00 in damages founded on allegations of unsuitable transactions effected in the customer’s account. The claim also alleges excessive trading by the stockbroker involving mutual funds, stocks and over-the-counter equities, corporate and municipal debt investments, as well as DPPs and LPs.
On November 18, 2016, a different customer initiated investment related FINRA securities arbitration claim involving Dellaporta’s conduct was settled for $375,000.00 in damages based upon accusations of Dellaporta making excessive margin-based trades at Oppenheimer causing the customer to experience losses. FINRA Arbitration No. 13-02086.
Dellaporta is also referenced in a customer initiated investment related FINRA securities arbitration claim which was resolved for $150,000.00 in damages supported by allegations that the stockbroker made unsuitable investment recommendations. FINRA Arbitration No. 16-03636 (Jan. 23, 2018). The customer’s account at Ameriprise Financial Services was allegedly overconcentrated in mortgage backed securities and collateralized mortgage obligations.
FINRA Public Disclosure also confirms that Dellaporta was discharged by Ameriprise Financial Services founded on accusations of improperly soliciting low-rated fixed income securities and soliciting unauthorized options trades. The stockbroker was also accused by Ameriprise Financial Services of effecting trades on a discretionary basis and mismarking order tickets.
Dellaporta was registered with Fusion Analytics Securities between August 28, 2015 and August 13, 2018. He was registered with BB Graham Company Inc. between August 10, 2018 and August 28, 2019.