Broker Michael Digioia Suspended After Failing To Pay Judgment

Michael Digioia (Michael Joseph Digioia CRD# 4073951, aka Michael Joseph Di Gioia, Michael Di Gioia, Mike Joseph Di Gioia, Mike Ross) is a previously registered broker last employed with Lampost Capital, L.C. (CRD# 43706) of Boca Raton, FL. His previous employers include Arive Capital Markets (CRD# 8060) of Bay Ridge, NY, Vision (CRD# 47927) of Stamford, CT, and Rothschild Lieberman LLC (CRD# 10030) of New York, NY. He has been in the industry since 2000.

In a customer dispute filed on 5/19/2021, Digioia was ordered to pay $150,000 to a person who alleged unsuitable recommendations. In the broker’s statement, Digioia responded that the issue stemmed from a personal business matter, and that the claimant was actually a former business partner, not an investment customer. Digioia filed a motion to vacate on November 10, 2022.

In his response, representing himself, Digioia stated that FINRA had no authority in this matter, which occurred when he was not registered with FINRA. He was acting in his capacity for his own company, Nostrum Holding, Inc. The $75,000 investment was not solicited while Digioia was in his capacity as a FINRA registered representative, therefore invalidating FINRA’s authority and award. The arbitration panel did not have the authority to render any decision based on a private business arrangement that was not an investment in any privately held entity.

FINRA awarded $150,000 to the petitioner, which has not yet been paid. FINRA subsequently suspended Digioia on 9/27/2023 for failing to pay the award, with the suspension standing until the award has been paid in full to the petitioner.

A criminal charge on 1/17/2019 filed against Digioia was for one count of assault to injure a victim aged 65 or older, a felony. The charge of strangulation was downgraded, and Digioia pleaded guilty to a lesser charge of disorderly conduct.

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