Securities Broker Michael Capolongo Involved In Worden, Laidlaw Investor Complaints
Soreide Law Group provides you with an update in regard to the investment disputes involving securities broker Michael Philip Capolongo (CRD#: 5702165, Hauppauge, New York). It appears that three investors disputed Capolongo’s sales practices. Although Capolongo currently works for Network 1 Financial Securities, the investment disputes relate to his purported excessive trading at Laidlaw Company (his employer from 2012 to 2014 and 2018 to 2019) and Worden Capital Management (his employer from 2016 to 2018 and 2019 to 2020). Here's a closer look at the allegations against this broker and how a securities lawyer might be able to help you recover losses from sales practice violations.
Michael Capolongo’s Worden Capital Management Client Alleges Excessive Trading
Particularly, a client of Worden Capital Management brought a FINRA Arbitration Claim in July 2021 in regard to Michael Capolongo’s trading of equities. Notably, the client alleges excessive trading of stock, which resulted in damages. The claim mentions “qualitative unsuitability” as well, which relates to an investor’s risk tolerance, investment objectives, and other important information relating to the appropriateness of investments. In addition, the client alleges that Capolongo misrepresented information in regard to the investments. Moreover, the client accused Worden Capital Management of breach of fiduciary contract from 2016 to 2020. For this reason, the client asks for $330,113 to resolve this ongoing matter.
Laidlaw Client Alleges Unsuitability, Churning ByMichael Capolongo
Evidently, a client of Laidlaw Company disputed Michael Capolongo’s sales practices. The May 2015 FINRA Arbitration Claim alleges “churning and unsuitability” relating to stocks. Supposedly, Capolongo caused the client to experience damages. It appears that Laidlaw Company resolved this matter by making a $28,500 payment to the client. Capolongo was dismissed from the matter before the claim was settled.
Michael Capolongo Allegedly Excessively Trades In Laidlaw Client’s Account
BrokerCheck also shows that a client of Laidlaw disputed the frequency of Michael Capolongo’s trading. The FINRA Arbitration Claim contains allegations of unsuitability and churning. Supposedly, Capolongo’s excessive trading resulted in damages on over-the-counter equities. For this reason, Laidlaw Company compensated the client in the amount of $46,000 to settle this matter. The securities broker denies the client’s allegations.
Did You Lose Money By Investing Through Capolongo?
Did Michael Capolongo cause you to incur investment losses or otherwise sustain damages? If so, call Soreide Law Group at (888) 760-6552 and speak with an experienced securities lawyer about a potential recovery. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for hundreds of United States investors who experienced damages from their financial advisors or securities brokers. Please note that Capolongo denies all allegations of his sales practice violations.
