Michel Rene Lavelanet (also known as Michael Rene Lavelanet) of Garden City New York a stockbroker formerly employed by Woodstock Financial Group Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $699,000.00 in damages based upon accusations that (1) the customer’s account was mishandled by Lavelanet (2) contractual obligations had been breached (3) transactions effected in the customer’s account were inappropriate (4) there was a breach of a fiduciary duty owed to the customer (5) trades were executed in the customer’s account without the customer’s permission (6) the customer’s investment account was churned and (7) deceptive and fraudulent over-the-counter equities trades were placed in the customer’s account causing the customer losses. FINRA Arbitration No. 18-02750 (Aug. 13, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Lavelanet has been identified in four additional customer initiated investment related disputes containing allegations of his misconduct while employed with Woodstock Financial Group and Raike Financial Group. In particular, a customer initiated investment related complaint regarding Lavelanet’s conduct was settled to resolve accusations that while Lavelanet was associated with Raike Financial Group, the customer was placed into inappropriate over-the-counter equities, and Lavelanet was unresponsive when the customer sought to liquidate the customer’s stock positions.
Thereafter, on March 26, 2009, a customer filed an investment related complaint involving Lavelanet’s conduct in which the customer requested $11,688.60 in damages supported by allegations that Lavelanet gave the customer poor investment advice concerning the short sale of Simon Property Group Inc. shares. Additionally, a customer initiated investment related arbitration claim involving Lavelanet’s activities was settled for $35,000.00 in damages founded on accusations that Lavelanet breached his fiduciary duties to the customer, effected transactions in the customer’s account that were neither suitable for the customer nor authorized; and churned the customer’s equity portfolio. FINRA Arbitration No. 15-00166 (May 4, 2015).
Furthermore, a customer initiated investment related arbitration claim concerning Lavelanet’s conduct was resolved for $125,000.00 in damages based upon allegations that fiduciary duties owed to the customer were violated; misrepresentations had been made concerning the customer’s investments; contractual obligations to the customer had been breached; the customer’s account was negligently administered; trades were executed in the customer’s account on an excessive basis; the customer’s funds were stolen; and the customer was defrauded in reference to over-the-counter equities held in the customer’s account. FINRA Arbitration No. 14-03600 (Jan. 19, 2016).
Lavelanet’s registration with Woodstock Financial Group Inc. has been terminated on April 22, 2015. FINRA Public Disclosure reveals that two of the three securities brokers Lavelanet has been associated with have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
