According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Raineri (Raineri), previously associated with Securities America, INC., has at least 3 disclosable events. These events include one customer complaint, 2 regulatory events, alleging that Raineri recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on July 01, 2024.
S-23-3545-24-CO01 – On August 26, 2024, the Securities Division entered into a Consent Order with Michael Patrick Raineri (Raineri) of Seattle, Washington. Raineri was previously an investment adviser representative at Securities America Advisors, Inc. and a securities salesperson at Securities America, Inc. The Securities Division previously entered a Statement of Charges against Raineri on July 1, 2024. The Statement of Charges alleged that Raineri engaged in dishonest and unethical practices and violated the anti-fraud provisions of the Securities Act of Washington in connection with funds that he received from an elderly client. In settling the matter, Raineri neither admitted nor denied the allegations, but agreed to cease and desist from violating the Securities Act and to denial of any future securities registration applications. Raineri further agreed to pay a fine of $20,000 and reimburse the Securities Division $5,000 for its costs of investigation. Raineri waived his right to a hearing and to judicial review of the matter.\, \, \, S-23-3545-23-SC01 – Michael Patrick Raineri -Statement of Charges\, On July 1, 2024, the Securities Division entered a Statement of Charges and Notice of Intent to Enter Order to Cease and Desist, to Deny Future Registrations, to Impose a Fine, and to Charge Costs (\\u201cStatement of Charges\\u201d) against Michael Raineri (\\u201cRespondent\\u201d) of Seattle, Washington. Raineri was previously an investment adviser representative at Securities America Advisors, Inc. and a securities salesperson at Securities America, Inc. The Statement of Charges alleges that the Respondent violated Raineri engaged in dishonest and unethical practices and the anti-fraud provisions of the Securities Act of Washington in connection with funds that he received from an elderly client. The Securities Division intends to order the Respondent to cease and desist from violating the Securities Act of Washington and gives notice of its intent to deny future registrations, impose a fine, and to charge costs. The Respondent has a right to request a hearing on the Statement of Charges.\,
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