Michael Richard Rosalia of Garden City, New York, a stockbroker registered with Worden Capital Management LLC, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Rosalia failed to comply with an arbitration award or settlement agreement or otherwise confirm compliance with FINRA Arbitration No. 21-02186 (February 8, 2023). On December 12, 2022, the customer was awarded compensation because Rosalia and Worden Capital Management were held liable on the customer’s claims which included that Rosalia committed fraud, breached a contract, made misrepresentations and omissions of material fact, and churned accounts. FINRA Arbitration No. 21-02186.
FINRA Public Disclosure shows that Rosalia is referenced in nine other customer initiated investment related disputes concerning Rosalia’s conduct while associated with securities broker dealers. On November 28, 2001, a customer initiated investment related NASD securities arbitration claim involving Rosalia’s conduct was settled for $50,000.00 in damages based upon allegations that Rosalia made misrepresentations, failed to follow instructions, and engaged in unauthorized trading in over-the-counter equities when Rosalia was associated with GBI Capital Partners Inc. NASD Arbitration No. 01-00308.
On October 11, 2011, a customer initiated investment related FINRA securities arbitration claim involving Rosalia’s conduct was settled for $900,000.00 in damages based upon allegations that Rosalia engaged in unauthorized trading and made unsuitable recommendations of stocks during the time that Rosalia was associated with American Capital Partners LLC. FINRA Arbitration No. 09-05476.
Rosalia was also referenced in a customer initiated investment related complaint that was settled on May 10, 2018, for $150,000.00 in damages based upon allegations that Rosalia churned accounts, made unsuitable recommendations, and inappropriately used margin in connection with the sale of over-the-counter equities and stocks when Rosalia was associated with Worden Capital Management LLC.
On October 2, 2019, a customer initiated investment related FINRA securities arbitration claim involving Rosalia’s conduct was settled for $14,999.99 in damages based upon allegations that Rosalia breached his fiduciary duties, breached a contract, was negligent, made misrepresentations, and committed fraud in connection with the sale of stocks and over-the-counter equities during the time that Rosalia was associated with Worden Capital Management LLC. FINRA Arbitration No. 18-03760.
Rosalia has been referenced in a customer initiated investment related dispute concerning Rosalia’s conduct in the securities industry. FINRA Public Disclosure shows that Rosalia was also referenced in a customer initiated investment related complaint that was settled on January 30, 2020, for compensation based upon allegations that Rosalia charged unauthorized commissions in connection with the sale of over-the-counter equities and stocks.
On March 21, 2022, a customer filed an investment related FINRA securities arbitration claim involving Rosalia’s conduct in which the customer requested $229,696.00 in damages based upon allegations that Rosalia engaged in unauthorized trading, breached a contract, committed fraud, was negligent, made unsuitable recommendations, and churned the customer’s account. FINRA Arbitration No. 22-00347.
Rosalia was associated with Worden Capital Management LLC as a stockbroker from December 2, 2015, to April 12, 2021. He was associated with SW Financial as a stockbroker from April 5, 2021, to August 29, 2022. Those firms have been expelled by FINRA.
