Court Room

Michael Joseph Iannarino (also known as Mike Iannarino) of Columbus Ohio a stockbroker formerly registered with Private Client Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Iannarino failed to comply with a FINRA investigation into accusations of his recommendations and sales of promissory notes during the time that he was associated with Private Client Services. Letter of Acceptance Waiver and Consent No. 2020065575901 (June 30, 2020).

According to the AWC, on January 2020, an examination had been initiated by FINRA to assess whether Iannarino violated FINRA rules relating to promissory notes sales. The AWC stated that between March 11, 2020 and March 26, 2020, requests had been made by FINRA for the stockbroker to produce information and documentation regarding his sales. The AWC stated that the stockbroker failed to fully satisfy FINRA’s requests because he provided only partial responses.

On May 15, 2020, a third request had been made by FINRA for documentation and information that was not previously provided by the stockbroker. Iannarino’s responses in May 29, 2020 and June 11, 2020 were also incomplete. FINRA determined that the information that Iannarino failed to provide was an important part of its investigation into his activities. Iannarino subsequently confirmed that he was not going to cooperate with FINRA. The regulator found Iannarino’s activities violative of Rules 2010 and 8210.

This is not the first time that Iannarino has been sanctioned by a securities regulator. Iannarino was subject of an Ohio Division of Securities Cease and Desist Order supported by allegations of him selling unregistered securities and engaging in unauthorized advisory services. Case No. 19-025 (Sept. 12, 2019).

Iannarino has been identified in four customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by Merrill Lynch, Wachovia Securities and Private Client Services. FINRA Public Disclosure reveals that Iannarino is the subject of a customer initiated investment related written complaint where the customer sought damages estimated to exceed $5,000.00 based upon accusations that misrepresentations were made to the customer concerning the terms of a life insurance policy that Iannarino sold when he was associated with Merrill Lynch.

Another customer initiated investment related complaint involving Iannarino’s conduct was settled for $10,800.00 in damages based upon allegations that the Wachovia customer’s investment instructions were not followed by Iannarino with regard to investments in mutual funds, stock and corporate debt investments. Iannarino is the subject of another customer initiated investment related written complaint in which the customer requested $109,456.38 in damages based upon allegations that unauthorized transactions were effected by the stockbroker causing losses to the customer.

On February 11, 2020, a customer filed an investment related arbitration claim concerning Iannarino’s activities where the customer sought $140,000.00 in damages founded on accusations that an unregistered security had been recommended by Iannarino during the period that he was employed by Private Client Services. FINRA Arbitration No. 20-00200 (Feb. 11, 2020). According to the claim, the customer was sold promissory notes which were misrepresented as safe and able to generate a high return for the customer.

Iannarino’s employment with Private Client Services was terminated on October 28, 2016. Between August 30, 2018 and October 30, 2018, the stockbroker was employed by Stifel Nicolaus.