Michael Scott Lavolpe of New York New York a stockbroker formerly registered with Meyers Associates L.P. has been sanctioned by Financial Industry Regulatory Authority (FINRA) on July 25, 2019 founded on accusations of Lavolpe’s failure to comply with a customer initiated investment related arbitration award. #deadbeat
In particular, Lavolpe was subject of a customer initiated investment related arbitration claim in which the customer was awarded $63,496.00 in damages based on Lavolpe being found liable on the customer’s claims which included that fiduciary obligations to the customer failed to be complied with; transactions executed by Lavolpe were unsuitable for the customer; and unauthorized trades had been effected in the customer’s account relating to the customer’s investments in Tivo Inc., Intrepid Potash, Apple Inc., and Ivanhoe Energy. FINRA Arbitration No. 16-01499 (Apr. 30, 2019).
This is not the first time that Lavolpe has been sanctioned by FINRA for failing to comply with his obligations to pay customers after being found liable for selling bad investments to customers. In fact, between June 9, 2017 and May 31, 2019, Lavolpe was sanctioned four times for non-payment of customer initiated investment related settlements or arbitration awards. Lavolpe has also been barred from associating with any FINRA member in any capacity according to a FINRA Office of Hearing Officers Decision containing findings of Lavolpe obstructing a FINRA investigation into his bad trading practices; conduct violative of FINRA Rules 2010 and 8210. Disciplinary Proceeding No. 2015047559201 (Dec. 6, 2016).
FINRA Public Disclosure reveals that Lavolpe is referenced in seven customer initiated investment related disputes containing allegations of Lavolpe’s violative conduct during the time that he was associated with Meyers Associates L.P. Specifically, Lavolpe was subject of a customer initiated investment related arbitration claim where the customer was awarded $240,000.00 in damages according to an arbitration claim in which Lavolpe was found liable on the customer’s claims of negligence, omissions, and breach of fiduciary duty pertaining to Intrepid Potash Inc. and Ivanhoe Energy. Case No. 15-01019 (Nov. 10, 2016).
Another customer initiated investment related arbitration claim involving Lavolpe’s conduct resulted in the stockbroker being ordered to pay $233,703.00 in compensatory damages based upon accusations of the violation of fiduciary duties that Lavolpe owed to the customer; the stockbroker’s failure to establish and properly monitor the transactions executed in the customer’s account; and Lavolpe’s recommendations of Rock Creek, Intrepid Potash and Ivanhoe Energy which failed to be appropriate given the customer’s investment needs. FINRA Arbitration No. 16-00402 (Nov. 22, 2017).
Also, Lavolpe is the subject of a customer initiated investment related arbitration claim in which the customer was awarded $110,480.00 in compensatory damages according to an arbitration claim in which Lavolpe was found liable on the customer’s claims of Lavolpe mismanaging the investment account; breaching his fiduciary duties to the customer; and soliciting investments which were in no way consistent with either the trading strategy that the customer intended or the risks that the customer was willing to take. FINRA Arbitration No. 16-00263 (Apr. 6, 2018).
