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Articles Tagged with Private Placement

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Michael Christopher Venturino (CRD #5872439) is a registered broker currently employed with Spartan Capital Securities, LLC (CRD #146251) of Garden City, NY. His previous employers include Trident Partners Ltd. (CRD #41258) of Woodbury, NY and Aegis Capital Corp. (CRD #15007) of Melville, NY.  Two other prior employers, Craig Scott Capital, LLC (CRD #155924) and Brookstone Securities, Inc. (CRD #13366), both of Uniondale, NY, have been expelled by FINRA.  He has been in the industry since 2010.

https://www.silverlaw.com/blog/wp-content/uploads/2017/07/FINRA-Permanently-Bars-Honetta-C.-Kao-After-Allegations-of-Unauthorized-Trading-and-Mishandled-Accounts-300x200.jpgVenturino is the subject of 8 disclosures, most recently on 9/11/2018. This customer dispute alleges that from 12/24/14 to 02/28/18, he engaged in misrepresentation, unsuitable recommendations and churning. The client has requested damages of $290,359.83. This case is pending.

FINRA filed a disclosure on 7/17/2018 against Venturino for failing to comply with an arbitration award/letter. He was suspended for one day, as his counsel was arranging installment payments; it later became obvious that the claimant had no intention of doing so. Venturino filed a motion to vacate, and FINRA lifted his suspension.

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Our firm has won a $1.5 million FINRA arbitration award against a Texas-based brokerage firm that sold private placements in an oil and gas business venture to our client. The FINRA arbitration award included a significant million dollars in punitive damages. Silver Law Group continues to represent other investors in failed private placements or Reg D offerings.

Our Client Loses a Significant Amount of Money in an Oil and Gas Private Placement

According to the FINRA statement of claim, a broker of the Texas-based brokerage firm first met with our client and convinced him to fly to Texas for the investment pitch. Our client then met with the CEO of the brokerage firm and pitched the investment to our client. The investment proceeds would allegedly by used to drill oil wells for oil production.  The CEO of the brokerage firm promised great returns on the investment within six months. Our client was convinced and invested approximately $521,000 – almost all of his life savings.

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