National investment loss lawyers KlaymanToskes is investigating Michael Raineri of Securities America, Inc. (CRD #4817558).
According to FINRA, former Securities America, Inc. broker Michael Raineri was barred in April 2023 after he consented to the sanction and to the entry of findings that he converted customer funds, causing a customer to pay him at least $135,000, which far exceeded the customer’s expenses he had paid and he was not entitled to the extra funds.
Investors that suffered losses with Michael Raineri (Securities America, Inc.) are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at lawrence@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Former broker of Securities America, Inc., Michael Raineri, is facing allegations of breaching firm policies and converting customer funds for personal use. Registered with Securities America, Inc. in Seattle, Washington, from 2020 to 2023, Raineri’s tenure ended abruptly due to allegations of violating firm policies.
The accusations included being named as the Power of Attorney (POA) for clients’ bank accounts and conducting financial transactions with a client for personal services payment processing without firm approval. Prior to his stint with Securities America, Raineri was associated with KMS Financial Services, Inc. from 2018 to 2020, and Cetera Advisors LLC from 2012 to 2018, both in Seattle, Washington.
In April 2023, Raineri was barred by the Financial Industry Regulatory Authority (FINRA) after consenting to the sanction and admitting to the conversion of customer funds. The regulatory findings revealed that Raineri began paying personal expenses for a client upon their request. Over time, Raineri caused the client to reimburse him a sum of at least $135,000. However, the payments made to Raineri significantly exceeded the client’s expenses that he had covered, and he was not entitled to the surplus funds. Raineri’s Central Registration Depository (CRD) report indicates a customer complaint lodged in January 2023. The client alleged that Raineri transferred approximately $135,000 from their bank account to himself without their consent.
The customer is currently seeking damages of $135,000, and the case is pending. For clients who have suffered investment losses due to Raineri’s actions, there are options available for recovery.
Michael Raineri is a broker registered with Securities America, Inc. from 2020 to 2023. He was terminated regarding his failure to follow firm policies. Prior to Securities America, he was registered with KMS Financial Services, Inc. from 2018 to 2020, and with Cetera Advisors LLC from 2012 to 2018. In April 2023, FINRA barred him after he “consented to the sanction and to the entry of findings that he converted customer funds.”
As an investor, there are a few signs that you should look out for if you believe you may have a claim against Michael Raineri. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encourage to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with Michael Raineri, or have concerns regarding your investment portfolio at Securities America, Inc., contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.