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Michael Giovannelli Formerly With Spartan Capital Securities, LLC and Richard James & Associates, Inc. Has 4 Customer Complaints For Alleged Broker Misconduct

Who is Michael Giovannelli formerly with Spartan Capital Securities, LLC?

Michael Giovannelli

Michael Giovannelli (CRD #4989449) who was formerly registered with Spartan Capital Securities, LLC and located in Garden City, New York, is a subject of one of our many securities industry sales practice abuse investigations. Prior to Spartan Capital Securities, LLC, Michael Giovannelli was associated with Richard James & Associates, Inc. and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems. Michael Giovannelli has had his own regulatory problems. In 2021 he was permanently barred from any further association with the securities industry for allegedly making unauthorized transactions in an account of a senior customer and then lying to FINRA as part of its investigation into his alleged unauthorized transactions.

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Michael Giovannelli Customer Complaints

Michael Giovannelli has been the subject of 4 customer complaints that we know about to recover investment losses. One of the customer complaints evolved into an arbitration proceeding and an arbitration award against Michael Giovannelli and his employer in favor of the investor. Another customer complaint was settled by his former employer in favor of the investor. Woodstock Financial Group denied another customer complaint and no further action was taken by the customer. There is currently one customer complaint pending.

Allegations Against Michael Giovannelli

A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:

  • Churning, fraud, violations of federal securities laws, unsuitable investment recommendations, and unauthorized transactions in breach of fiduciary duty.
  • Misrepresentations related to a margin account.
  • Unauthorized trading in churning.
  • Churning, excessive commissions, unsuitable trading, overconcentration, fraud and negligence.

Michael Giovannelli Red Flags & Your Rights As An Investor

Of course, Michael Giovannelli did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Michael Giovannelli at Spartan Capital Securities, LLC and Richard James & Associates, Inc. on alert to review carefully the activity and performance of their accounts and question whether Michael Giovannelli has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Spartan Capital Securities, LLC and Richard James & Associates, Inc. also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

Did You Lose Money Because of Broker Misconduct?

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If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.

Need Legal Help? Let’s talk.

or, give us a ring at 561-338-0037.

File A Claim To Recover Your Investment Losses At Spartan Capital Securities, LLC Due To Michael Giovannelli

If you have questions about Spartan Capital Securities, LLC, Richard James & Associates, Inc. and/or Michael Giovannelli and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $160 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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