Michael John Giovannelli of Melville New York a stockbroker formerly registered with Salomon Whitney Financial is referenced in a customer initiated investment related arbitration claim in which the customer requested $350,067.00 in damages supported by allegations of (1) breach of contract (2) unauthorized trading (3) suitability (4) negligence and (5) churning of the customer’s equity portfolio. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01055 (Apr. 3, 2018).
FINRA Public Disclosure confirms that Giovannelli has been identified in two more customer initiated investment related disputes containing accusations of Giovannelli’s misconduct while employed with Woodstock Financial Group. Specifically, on July 6, 2015, a customer filed an investment related complaint regarding Giovannelli’s conduct where the customer sought $55,000.00 in damages based upon allegations that misrepresentations had been made to the customer; the customer was led to believe that margin was not utilized to purchase stock and that the customer’s return on investment was guaranteed.
On October 2, 2017, another customer initiated investment related complaint involving Giovannelli’s activities was settled for $5,000.00 in damages founded on accusations that the customer’s investments were churned, and unauthorized transactions were placed in the customer’s account.
Giovannelli’s registration with Salomon Whitney Financial has been terminated as of May 3, 2017. Since February 10, 2006, he has been associated with twelve different broker dealers, eight of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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