Michael Desando Discloses Allegations Of Excessive Trading

Soreide Law Group is investigating possible investor claims against securities broker Michael Scott Desando (CRD:  1849321, Red Bank, NJ). Evidently, FINRA sanctioned the securities broker, who worked for Network 1 Financial Securities Inc. Allegedly, Desando engaged in excessive trading. Here is a brief summary of FINRA’s allegations against Desando.

FINRA Issues Sanctions To Michael Desando For Excessive Trading

Notably, on August 22, 2022, FINRA issued Case: 2021072685301 sanctioning Michael Desando for infractions. Specifically, Desando received a three-month suspension as a securities broker and a $5,000 fine. Notably, FINRA claims that Desando engaged in excessive trading.

Mainly, FINRA indicates that between January 2017 and November 2018, during the time that he was associated with Network 1 Financial, Desando unsuitably and excessively traded one client’s account. Specifically, Desando recommended 180 trades in the client’s account with a total principal value of more than $1,700,000. The client at issue was a sheriff’s deputy with limited investment experience. The trades caused the client to pay roughly $37,000 in trade costs and commissions. Supposedly, the client’s account had an annualized turnover rate of more than 28 and an annualized cost-to-equity ratio of 69 percent. As a result, Desando violated FINRA Rules 2010 and 2111.

Network 1 Financial Securities Inc. Investor Accuses Desando Of Breach Of Fiduciary Duty

Also, a Network 1 Financial Securities Inc. client filed FINRA Arbitration: 19-00115 about Michael Desando. Namely, the client alleged that Desando acted in breach of fiduciary duty. Because of this, the client allegedly sustained damages by investing in stocks. Therefore, on February 4, 2020, Network 1 Financial Securities Inc. settled this matter by paying the client $10,000 in damages.

Michael Desando Discloses Mismanagement Allegations By Vfinance Investments Inc. Client

Additionally, a client of Vfinance Investments Inc. contested Michael Desando’s sales practices by filing a complaint. Allegedly, Desando made unsuitable recommendations, engaged in excessive trading, and mismanaged investment accounts. Supposedly, Desando caused the client to sustain damages by investing in stocks. Therefore, Vfinance Investments Inc. opted to settle the matter on August 16, 2010, by compensating the client in the amount of $160,000.

Desando Employment Information

• Desando has worked for Network 1 Financial Securities Inc. in Red Bank, NJ, as a securities broker since January 4, 2016.

Damages Resulting From Network1 Financial Securities Inc. Securities Broker Michael Desando?

Have you experienced damages by investing with Michael Desando? If so, get in touch with Soreide Law Group at (888) 760-6552 and talk with a securities lawyer about a potential recovery of your investment losses. Soreide Law Group, who has successfully recovered money for hundreds of investors in the United States, is ready to review your situation and explain your legal options. Also, the firm represents clients on a contingency fee basis and advances all costs. Desando and brokerage firms Desando worked for deny any and all allegations of sales practice violations.