Securities Lawyers Blog
The investment lawyers of Gana Weinstein LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against Michael Resciniti (Resciniti). According to BrokerCheck records, Resciniti was suspended by FINRA in December 2017 for seven months. In addition, Resciniti has been subject to five customer disputes and three regulatory orders. Three of the customer disputes are still pending. Many of the claims allege churning and unauthorized trading.
In November 2017, FINRA found that Resciniti executed 31 unauthorized transactions in two of his customer’s accounts. The duration of his suspension is 7 months.
In addition, in February 2016, Resciniti resolved a bankruptcy filing and has a tax lien of over $115,000. Bankruptcies and large tax liens are a potential sign that the advisor has difficulty managing their own finances. FINRA provides this information to the public because it is material for consumers to know whether or not their advisor’s financial situation influences the advisor’s recommendations.