FINRA barred securities broker Michael Patrick Raineri [CRD: 4817558, Seattle, Washington], and an investor complained about him, according to public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Raineri worked for Securities America Inc. from November 6, 2020, to April 18, 2023. Read on to find out more about the disclosures involving Raineri.
FINRA Sanctioned Raineri For Conversion
Notably, on April 18, 2023, FINRA issued Case No. 2023078057401, sanctioning Michael Raineri for infractions. Specifically, Raineri was barred permanently from associating with any FINRA member in all capacities. FINRA alleged that Raineri converted investor funds.
Between August 2018 and August 2022, while associated with Securities America Inc. and KMS Financial Services Inc., Raineri allegedly took over $135,000 from a client, claiming the funds were reimbursements for personal expenses he had paid on the client’s behalf. However, the total payments exceeded the client’s actual expenses, and Raineri was not entitled to the additional money. FINRA found this conduct violated Rules 2150(a) (prohibiting improper use of client funds) and 2010 (requiring high standards of commercial honor). As a result, Raineri consented to a permanent bar through a Letter of Acceptance, Waiver, and Consent (AWC), without admitting or denying FINRA’s findings.
Securities America Inc. Investor Accused Michael Raineri Of Misappropriation
Specifically, a client filed a complaint about Michael Raineri. Primarily, the client alleged that Raineri converted and misappropriated funds from his bank account after granting Raineri power of attorney. Because of this, the client allegedly sustained damages. As a result, on March 26, 2024, Securities America Inc. settled this matter by paying the client $275,000 in damages.
Did You Sustain Losses Because Of Financial Advisor / Securities Broker Raineri?
Do you need clarification on any investment losses associated with Michael Raineri? Contact Soreide Law Group online or at (888) 760-6552 and talk to a securities attorney concerning a possible recovery of your investment losses. For more than a decade, Soreide Law Group has recovered losses for investors throughout the United States. Also, the firm takes cases on a contingency fee basis and advances all costs. Raineri and brokerage firms Raineri worked for deny allegations of sales practice violations.
