Michael John Ovitt, of Williamsville, New York, a stockbroker formerly registered with Wells Fargo Clearing Services LLC, is referenced in a customer initiated investment related written complaint which was settled for $48,800.00 on February 25, 2020, founded on accusations of Ovitt’s unauthorized trading of Allied Motion stock in the customer’s account between 2017 and 2018 during the period that he was employed by Wells Fargo Advisors.
This is not the first time that Ovitt has been accused of sales practice violations by a customer. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally shows that a customer filed an investment related complaint regarding Ovitt’s conduct where they requested compensatory damages supported by allegations that they had been misled by Ovitt concerning three closed-end fund purchases during the time that Ovitt was registered with Wachovia Securities. According to the complaint, the customer was led to believe that their purchase amount was guaranteed.
Ovitt was registered with Wells Fargo Clearing Services as a stockbroker between January 1, 2018, and December 12, 2018. He was registered with Wells Fargo Clearing Services as an investment adviser representative between October 20, 2017, and December 12, 2018. Since December 10, 2018, Ovitt has been registered with RBC Capital Markets as a stockbroker and investment adviser representative.