Michael Anthony Valdini of Garden City New York a stockbroker currently registered with Worden Capital Management LLC is the subject of a customer initiated investment related arbitration claim in which the customer requested $2,115,095.00 in damages supported by accusations that (1) unauthorized transactions were effected in the customer’s account (2) transactions executed in the customer’s investment account were inappropriate for the customer (3) the customer’s equity portfolio was churned (4) stock trades were effected in the customer’s account on an excessive basis and (5) J.D. Nicholas Associates Inc. failed to supervise Valdini’s investment related activities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-03569 (Dec. 9, 2016).
FINRA Public Disclosure confirms that Valdini is referenced in three more customer initiated investment related disputes containing allegations of Valdini’s violative conduct while employed with J.D. Nicholas Associates and Worden Capital Management LLC. Specifically, a customer filed an investment related arbitration claim involving Valdini’s activities where the customer sought $130,345.00 in damages founded on accusations that while Valdini was employed by J.D. Nicholas Associates Inc., the customer’s assets were overconcentrated by him in speculative investments; transactions Valdini executed in the customer’s investment account were not suitable for the customer; the customer’s brokerage account was churned and handled by Valdini in a negligent manner; and there was a lack of supervision in the customer’s investment account.
Thereafter, a customer filed an investment related arbitration claim concerning Valdini’s conduct in which the customer requested $420,847.00 in damages based upon allegations that the customer’s brokerage account was excessively concentrated in risky stock positions; unauthorized trades were effected in the customer’s account; transactions executed in the customer’s investment account failed to be suitable for the customer; the firm and stockbroker’s conduct had been violative of FINRA Rules 2111 and 2110; and Worden Capital Management LLC failed to supervise Valdini’s activities in the customer’s brokerage account. FINRA Arbitration No. 16-02775 (Sept. 28, 2016). Furthermore, a customer initiated investment related arbitration claim involving Valdini’s activities was resolved for $25,000.00 in damages supported by accusations that false or misleading statements were made to the customer; fiduciary obligations to the customer had been breached; markups or commissions were excessively applied by Valdini; and the customer’s account had been churned. FINRA Arbitration No. 16-00042 (Feb. 8, 2017).
