National investment loss lawyers KlaymanToskes reports Michael Adam Battalini (CRD# 3204878), CEO of Pittsburgh Wealth Management Group, is facing a pending customer complaint, which includes multiple former customers, and alleges $433,000 in damages to the customers’ Coastal Equities accounts.
According to FINRA BrokerCheck, Michael Adam Battalini has been permitted to resign from his broker-dealer World Capital Brokerage, Inc., where he was registered from 2022 to 2023 in Sewickley, PA. Battalini was licensed with World Capital and doing business as Pittsburgh Wealth Management Group.
Investors that suffered losses with Michael Battalini and/or any other broker at Pittsburgh Wealth Management Group, Coastal Equities, or World Capital may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Michael Adam Battalini is the President and CEO of The Pittsburgh Wealth Management Group, located at 1106 Ohio River Boulevard, Sewickley, PA. Battalini was also previously registered as a broker with Coastal Equities Inc. from 2017 to 2022 and with World Capital Brokerage, Inc. from 2022 to 2023.
According to FINRA BrokerCheck, Michael Adam Battalini has two public disclosures including one pending customer complaint and one employment separation. Battalini’s customer complaint was filed by multiple customers who allegedly suffered $433,000 in collective damages. The complaint relates to unsuitable alternative investment recommendations in Direct Participation Programs and Limited Partnerships (“DPP & LP Interests”).
DPP investments are considered illiquid due to not being traded on a market exchange. Typically when investors purchase DPP’s, they are unable to liquidate until their target maturity date. As a result, DPPs are likely only suitable for investors who can afford to have their funds tied up for long holding periods, sometimes decades. Investors who want to withdraw their funds early may face high and unexpected fees.
Brokerage/advisory firms and their registered representatives may be held liable for DPP & LP Investment losses under the Securities Act of 1934 and the Financial Industry Regulatory Authority’s (“FINRA”) Rule 2310. This rule also requires firms to provide their customers with the per share estimated value of their DPP or REIT investment in a yearly report.
According to FINRA BrokerCheck, Michael Adam Battalini was permitted to resign from World Capital Brokerage, Inc. on April 17th, 2023. World Capital’s allegations state that Battalini’s record (Form U-4) should have contained information regarding a pending FINRA Arbitration case against him. The firm was unaware of the case against Battalini at the time of filing its Form U-4s.
Form U-4 is the “Uniform Application for Securities Industry Registration or Transfer”. According to FINRA, this form is most commonly used in the securities industry for the hiring of brokers and investment advisors. Interestingly, Battalini was hired and began his registration with World Capital on December 22nd, 2022. His $433,000 customer complaint was filed on December 7th, 2022. Both the broker and firm were under obligation to report the complaint, under FINRA rules.
According to FINRA BrokerCheck, other current and former members of Pittsburgh Wealth Management Group have significant public disclosures.
Andrew James Pravlik, Former Executive Vice President and Director of Investments at Pittsburgh Wealth Management Group, has previously been hit with four disclosures. In a pending complaint, the customer alleged $175,000 in damages due to unsuitable recommendations in Insurance, Real Estate, and Unit Investment Trust (“UIT”) investments. The broker has also been hit with a 90 day suspension from FINRA for misconduct related to mutual fund redemptions.
Palmer Joseph Masciola, Vice President and Director of Insurance at Pittsburgh Wealth Management Group, has previously been hit with four customer complaints. 3 out of 4 of his complaints were settled in favor of the investors in the amounts of $11,500, $4,550, and $5,625.00, respectively. The customers alleged various securities violations including misrepresented investment recommendations, undisclosed investment-related fees and expenses, and unsuitable investment recommendations.
Investors that suffered losses with Michael Adam Battalini at Pittsburgh Wealth Management Group, Coastal Equities, or World Capital, and/or any other brokerage firm may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com