National investment loss lawyers KlaymanToskes reports Raineri Financial broker/investment advisor Michael Patrick Raineri (CRD# 4817558) has been permanently barred from acting as a broker by FINRA (“Financial Industry Regulatory Authority”), in connection with findings that he allegedly engaged in the conversion of customer funds and transferred more than $135,000 to himself from a customer’s account.
Investors that suffered losses with Michael Raineri may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss your legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, Michael Patrick Raineri was conducting business as Raineri Financial and was previously licensed with the following brokerage firms:
Michael Raineri is facing one pending customer complaint filed in January 2023. The customer alleges Raineri transferred approximately $135,000 from the customer’s bank account to himself without the customer’s consent. Following the complaint, Raineri was terminated from Securities America, Inc. in April 2023 for failure to follow firm policies related to the customer’s allegations.
On April 18th, 2023, Michael Raineri entered into a regulatory agreement known as a Letter of Acceptance, Waiver, and Consent with FINRA’s Department of Enforcement, which permanently barred the broker from conducting securities business at any FINRA-regulated brokerage firm.
According to the AWC, “Raineri accepted more than $135,000 from a customer, an amount that far exceeded expenses Raineri had paid on the customer’s behalf. Raineri therefore converted customer funds in violation of FINRA Rules 2150(a) and 2010.”
FINRA Rule 2150 states that no FINRA member or person associated with a member shall make improper use of a customer’s securities or funds. Rule 2010 requires that financial professionals “observe high standards of commercial honor and just and equitable principles of trade.”
Investors that suffered losses with Michael Raineri are encouraged to 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 more than $250 million for investors in FINRA arbitrations and over $350 million in other securities litigation matters for its clients. 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