FINRA Sanctions Michael Pellegrino

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Michael Pellegrino AKA Michael August Pellegrino [CRD#: 5900843, Oakbrook Terrace, IL]. However, Pellegrino denies the allegations. Read on to learn more about the allegations against Pellegrino.

FINRA Sanctions Taylor Capital Management Inc. Securities Broker For Failure To Comply

Evidently, on May 27, 2022, FINRA issued Case #: 19-01916 sanctioning Michael Pellegrino for infractions. Specifically, FINRA imposed an indefinite suspension. Notably, FINRA alleged that Pellegrino failed to comply with an arbitration award or settlement agreement or otherwise confirm compliance with FINRA.

SEC Sanctions Goldstone Financial Group Securities Broker Michael Pellegrino For Unregistered Securities

Also, on March 28, 2022, SEC issued Case #: 3-20805 sanctioning Michael Pellegrino for infractions. Specifically, SEC barred him and issued him a fine of $50,000. Evidently, SEC alleged that Pellegrino recommended unregistered securities, and made omissions.

Pellegrino Discloses Allegations Of Misleading Investment Information

Evidently, on January 26, 2021, FINRA issued Case #: 2017055120903 sanctioning Michael Pellegrino for infractions. Specifically, FINRA imposed a two-month suspension and a $10,000 fine. Notably, FINRA alleged that Pellegrino used inaccurate, exaggerated, unwarranted or misleading marketing materials.

Supposedly, during the time that he was associated with Taylor Capital Management Inc., Pellegrino sent out a retail communication to roughly 80 investors, which was issued by a limited liability company in Florida, that contained improper projections of future performance, misleading statements, and omitted material information.

Specifically, in July 2017, Pellegrino distributed a single mailing promoting the short-term high-yield contract to investors, some of whom were clients of TCM. The ad made representations concerning 6-10% investment returns; however, there was no contractual obligation for the issuer to make payments to investors, nor was there any timeline for distribution. The issuer had the sole discretion to decide what, if anything, would be paid to investors.

The ad also failed to mention the risk and features of the investment. Specifically, there was no mention in the ad that investing in cash advances could cause a complete loss of principal and that the investment often relied on the revenues of small businesses that sometimes used cash advances as a source of last-resort funding. As a result, Pellegrino violated FINRA Rules 2010 and 2210(d).

Goldstone Financial Group Terminates Securities Broker Michael Pellegrino

Also, Michael Pellegrino worked for Goldstone Financial Group. However, Goldstone Financial Group disaffiliated with Pellegrino. Evidently, Goldstone Financial Group alleged that Pellegrino violated Investment Advisers Act.

Taylor Capital Management Investor Accuses Pellegrino Of Breach Of Fiduciary Duty

Evidently, a Taylor Capital Management client filed FINRA Arbitration #: 19-01916 about Michael Pellegrino. Namely, the client alleged that Pellegrino breached a fiduciary duty, violated FINRA rules, breached a contract, was negligent, and failed to supervise. Because of this, the client sustained damages on real estate securities. Therefore, on March 24, 2022, a FINRA Arbitration Panel issued an Award ordering Taylor Capital Management or Pellegrino to pay the client $154,574.00 in compensatory damages.

TCM Securities (Taylor Capital Management) Investor Accuses Michael Pellegrino Of Unsuitable Recommendations

Also, a client of TCM Securities (Taylor Capital Management) contested Michael Pellegrino’s sales practices by filing FINRA Arbitration #: 19-01781. Allegedly, Pellegrino made unsuitable recommendations, acted unethically, made misrepresentations, breached a fiduciary duty, failed to supervise, was negligent, and made omissions. Supposedly, the DPPs and LPs and real estate securities which Pellegrino sold or recommended had caused the client to sustain damages. Therefore, FINRA Arbitrators issued an Award dated March 20, 2020 compelling TCM Securities (Taylor Capital Management) or Pellegrino to compensate the client in the amount of $75,000.

Pellegrino Discloses Unregistered Securities Allegations By TCM Securities (Taylor Capital Management) Client

Evidently, on May 23, 2019, a TCM Securities (Taylor Capital Management) client filed a complaint about Michael Pellegrino. Notably, the client alleged that Pellegrino recommended unregistered securities. Because of this, the client sustained damages on corporate bonds. Therefore, the client requested $150,000 in compensation from TCM Securities (Taylor Capital Management) or Pellegrino. Evidently, this complaint is pending a resolution.

TCM Securities (Taylor Capital Management) Investor Accuses Michael Pellegrino Of Misrepresentation

Also, on April 30, 2019, a TCM Securities (Taylor Capital Management) client filed a complaint about Michael Pellegrino. Namely, the client alleged that Pellegrino made misrepresentations. Because of this, the client sustained damages on REITs. Therefore, the client requested $50,000 in compensation from TCM Securities (Taylor Capital Management) or Pellegrino. Evidently, this complaint is pending a resolution.

Pellegrino Discloses Unsuitable Recommendations Allegations By TCM Securities (Taylor Capital Management) Client

Moreover, a client of TCM Securities (Taylor Capital Management) contested Michael Pellegrino’s sales practices by filing FINRA Arbitration #: 18-03794 on November 27, 2018. Allegedly, Pellegrino made unsuitable recommendations. Supposedly, the corporate bonds which Pellegrino sold or recommended had caused the client to sustain damages. Therefore, the client seeks compensatory relief from TCM Securities (Taylor Capital Management) or Pellegrino in the amount of $161,089.32 in this ongoing matter.

Damages Resulting From Taylor Capital Management Securities Broker Michael Pellegrino?

Have you experienced damages by investing with Michael Pellegrino? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with a securities attorney about potentially recovering your investment losses. Soreide Law Group, who has successfully recovered money for investors throughout the United States, represents clients on a contingency fee basis and advances all costs. Pellegrino and brokerage firms Pellegrino was employed by deny any and all allegations of sales practice violations.