Soreide Law Group is contemplating possible investor claims or lawsuits regarding the sales practices of Michael John Giovannelli (CRD#: 4989449, Garden City, New York). Specifically, Giovannelli worked for Spartan Capital who disaffiliated with him in July 2020 for unauthorized trading. Not only that, but investors who held accounts at SW Financial and Woodstock brought disputes about the broker. Here’s what we know about those disputes according to BrokerCheck.
Evidently, Michael Giovannelli worked for SW Financial from 2015 to 2017. A client of SW Financial brought a lawsuit in January 2020 to contest the broker’s sales practices relating to Square Inc. and Barclays iPath S&P 500 VIX Short Term ETN. First of all, the client alleged that Giovannelli sold unsuitable investments. The broker supposedly concentrated the client in risky investments which was seemingly unreasonable. Secondly, the client indicated that Giovannelli may have churned or otherwise excessively traded the client’s account, abusing commissions on transactions.
Additionally, it seems that Giovannelli was responsible for carrying out the client’s best interests but the broker allegedly breached his fiduciary duty and breached a contract instead. Also, the client suggested that the broker misrepresented important details about investment and violated CA Elder Abuse and Dependent Adult Civil Protection Act. Evidently, the Arbitrator declared Giovannelli to be at fault and ordered him to pay $97,292.27 in compensatory damages plus punitive damages and attorney’s fees.
Apparently, a second SW Financial client took aim at Michael Giovannelli over his stock transactions. Supposedly, the broker churned the client’s account and made trades without authorization. For this reason, the client received compensation from SW Financial to settle the matter.
In addition, a Woodstock Financial Group client disputed Michael Giovannelli’s sales practices in a July 2015 complaint. Namely, the client alleged that Giovannelli misrepresented equities. It appears that Giovannelli possibly misled the client which caused them to believe that the broker purchased stocks without margin. Also, the client supposedly believed that there would be guaranteed returns on the aggressive equity investments. Because of this, Woodstock Financial Group was asked to pay the client $55,000 in compensation. This matter has been denied by the securities firm.
Apparently, Michael Giovannelli denies allegations of his sales practice violations. Have you experienced losses by investing with the broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have lost money because of bad actions by financial advisors and securities brokers.
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Webull Financial LLC (CRD 289063) is a brokerage firm based in New York, New York. FINRA censured and fined the firm $115,000 after finding it maintained inaccurate books and records of options order origin codes, according to an AWC issued August 17, 2026.
Marc Miller (CRD 1133692) is a registered representative with Western International Securities. According to BrokerCheck, a customer filed a claim against him on March 3, 2025 that remains pending.
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