Michael Cecere Connected To PHX Financial Inc. Investor Complaint About Unsuitable Advice

Investors apparently complained about securities broker Michael William Cecere [CRD: 3250479, Ronkonkoma, New York], according to publicly available information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Michael Cecere worked for Cape Securities Inc. from July 22, 2009, to December 5, 2018, and then for PHX Financial Inc. from December 5, 2018, to March 18, 2024, before joining TSG Capital Advisors on November 22, 2024. See the following information to find out more about the disclosures involving this securities broker.

PHX Financial Inc. Investor Accused Cecere Of Unsuitable Recommendations

Notably, a client filed a complaint about Michael Cecere. Mainly, the client alleged that Cecere made unsuitable recommendations. For this reason, the client allegedly sustained damages connected to private placements. Therefore, on January 20, 2026, PHX Financial Inc. settled this matter by paying the client $49,000 in damages.

Michael Cecere Disclosed Unsuitable Advice Allegations By PHX Financial Inc. Client

Additionally, a client of PHX Financial Inc. contested Cecere’s sales practices, according to a complaint. Allegedly, Cecere gave unsuitable advice. It appears that Cecere allegedly caused the client to sustain damages associated with private placements. Consequently, PHX Financial Inc. opted to settle the matter on January 20, 2026, by compensating the client in the amount of $82,400.

First Midwest Securities Inc. Investor Accused Cecere Of Excessive Trading, Breach Of Fiduciary Duty

Specifically, a First Midwest Securities Inc. client filed FINRA Arbitration No. DR 11-01272 about Michael Cecere. Mainly, the client alleged that Cecere churned accounts, overconcentrated accounts, engaged in excessive trading, engaged in unsuitable trading, inappropriately used margin, and breached his fiduciary duty. Because of this, the client allegedly incurred damages. As a result, on April 3, 2012, First Midwest Securities Inc. settled this matter by paying the client $35,000 in damages.

Michael Cecere Disclosed Failure To Execute Allegations By First Midwest Securities Inc. Client

Also, a client of First Midwest Securities Inc. disputed Cecere’s sales practices, according to a complaint dated May 21, 2009. Allegedly, Cecere failed to execute a stop loss order. It appears that Cecere allegedly caused the client to suffer damages connected to stocks. Therefore, the client sought compensation from First Midwest Securities Inc. or Cecere in the amount of $11,290.44 in this matter. However, the firm denied this complaint.

Did You Invest Through Securities Broker / Financial Advisor Cecere?

Did you suffer any losses because of Michael Cecere? You can contact Soreide Law Group at (888) 760-6552 or online and speak with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for many clients throughout the US. Also, our securities lawyers work on a contingency fee arrangement and advance all costs. Cecere and brokerage firms Cecere worked for deny any accusations of sales practice violations.