Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Delafuente (Delafuente), previously associated with Usca Securities LLC, has at least one disclosable event. These events include one customer complaint, alleging that Delafuente recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $2,200,000.00 on July 12, 2023.
Claimants had been clients of USCA since 2015. DeLaFuente handled their accounts until late 2020. Claimants allege DeLaFuente failed to properly structure their accounts to meet their retirement goals and alleged that they participated in outside investment opportunities along with DeLaFuente in which he did not disclose conflicts. Specific allegations in the statement of claim include negligence, gross negligence, failure to supervise, and breach of fiduciary duty.