Michael Christopher Venturino, of Garden City, New York, a stockbroker formerly registered with Aegis Capital Corp, is identified in a FINRA investigation. Case No. 20210703375 (September 13, 2021). FINRA is contemplating taking disciplinary action against Venturino for potentially making excessive trades in customer accounts when he was registered with Aegis Capital Corp.
According to FINRA Public Disclosure, FINRA might pursue disciplinary action against Venturino given his potential excessive trading in twelve Aegis Capital Corp customer accounts. The regulator indicates that Venturino possibly traded customers’ accounts to make commissions even though this went against customers’ interests. Venturino potentially churned the customers’ accounts, violating FINRA Rules 2010, 2020, Securities Exchange Act of 1934 Section 10(b), and SEC Rule 10b-5. The regulator also indicates that Venturino potentially made unauthorized trades in violation of FINRA Rule 2010.
FINRA Public Disclosure shows that Venturino has been identified in fourteen customer initiated investment related disputes containing allegations of his wrongdoing while he was employed by Aegis Capital Corp, Spartan Capital Securities, and Craig Scott Capital. Venturino is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested compensatory damages founded on accusations of Venturino misrepresenting information relating to their investments at Aegis Capital Corp. FINRA Arbitration No. 21-00271 (March 3, 2021). The claim also alleges breach of fiduciary duty and breach of contract.
On March 29, 2021, another customer initiated investment related FINRA securities arbitration claim concerning Venturino’s conduct was resolved for $39,000.00 in damages supported by allegations of an unsuitable investment strategy by Venturino at Aegis Capital Corp. FINRA Arbitration No. 20-04146.
Venturino is also referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $175,000.00 in damages based upon accusations that Venturino engaged in unauthorized trading between 2015 and 2017 when he was associated with Aegis Capital Corp. FINRA Arbitration No. 20-01730 (June 16, 2021). The claim also contains allegations of breach of contract resulting in damages.
On August 16, 2021, a different customer initiated investment related FINRA securities arbitration claim regarding Venturino’s activities was resolved for $65,000.00 in damages founded on accusations of unsuitable transactions by Venturino while he was registered with Aegis Capital Corp. FINRA Arbitration No. 19-03834.
Venturino is also identified in a customer initiated investment related FINRA securities arbitration claim which was settled for $235,000.00 in damages supported by allegations of breach of contract and breach of fiduciary duty by Venturino when he was employed by Spartan Capital Securities and Aegis Capital Corp. FINRA Arbitration No. 20-01455 (September 2, 2021). The claim alleges negligence, unsuitable trading, and churning by the stockbroker.
Venturino was registered with Aegis Capital Corp between June 13, 2014, and July 28, 2017. He was registered with Trident Partners Ltd. between July 1, 2017, and April 12, 2018. Since April 17, 2018, he has been registered with Spartan Capital Securities.