One or more investors might have sustained losses due to securities broker Michael Scott Buonanno [CRD: 2823332, East Northport, New York], according to publicly available information reported on FINRA BrokerCheck. Buonanno has worked with Cetera Wealth Services LLC since February 1, 2019, and previously worked for Cetera Advisor Networks LLC in El Segundo, California, from March 31, 2021, to December 31, 2021. Below, you can find out more the allegations involving Michael Buonanno and how they could impact your investments.
Evidently, a client of Cetera Advisor Networks LLC contested Michael Buonanno’s sales practices by filing FINRA Arbitration No. 24-01599 on July 24, 2024. Allegedly, Buonanno recommended unsuitable securities. Allegedly, Buonanno caused the client to sustain damages on variable annuities and real estate investment trusts. Therefore, the client seeks compensation from Cetera Advisor Networks LLC or Buonanno in the amount of $1,000,000.00 in this ongoing matter.
When a securities broker recommends a variable annuity that is considered "unsuitable," it means the investment did not align with the client’s financial situation, investment goals, or risk tolerance. Variable annuities can carry high fees, complex terms, and potential surrender charges, making them inappropriate for some investors—especially those needing liquidity or those who are risk-averse. Brokers must evaluate a client's unique profile and objectives before recommending these products. Failing to do so may result in financial losses for investors.
Do you have concerns or questions regarding investments you made with Michael Buonanno? You can get in touch with Soreide Law Group online or at (888) 760-6552 and consult with a securities attorney regarding a potential recovery recovery. Soreide Law Group has recovered losses for clients throughout the US. Also, the firm works on a contingency fee arrangement and advances all costs. Buonanno and the firms Buonanno worked for deny accusations of sales practice violations.
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