Michael Corrada: 500K Bond Complaint Against Richmond Advisor

A recent investor complaint against former Center Street Securities financial advisor Michael Corrada (CRD# 709158) alleges that his investment advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is not currently registered as a broker or an investment advisor, and that he was most recently based in Richmond, Virginia. 

Mr. Corrada’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in April 2022, alleges that as a representative of Coastal Equities, he recommended an unsuitable corporate bond investment. The pending complaint alleges damages of $500,000.

A second investor complaint, filed in 2011, alleged that Mr. Corrada recommended unsuitable investments in RMK closed-end funds while a representative of SunTrust Investment Services. In 2012 the complaint reached a settlement of $67,500.

A third investor complaint, filed in 2010, alleged that Mr. Corrada made misrepresentations of material information and recommended unsuitable closed-end funds while at SunTrust Investment Services. In 2011 the complaint reached a settlement of $14,500.

A fourth investor complaint, filed in 2010, alleged that he failed to inform the customers that their closed-end fund was “junk bonds and uninsured.” The complaint reached a settlement of $10,000.

According to the Financial Industry Regulatory Authority, Michael Corrada holds 39 years of securities industry experience. Most recently based in Richmond, Virginia, he is not currently registered as a broker or as an investment advisor. His past registrations include Center Street Securities (Richmond, Virginia; 2019-2020), Coastal Equities (Wilmington, Delaware; 2015-2019), Centaurus Financial (Richmond, Virginia; 2010-2014), SunTrust Investment Services (Nassawadox, Virginia; 2001-2010), BB&T Investment Services (Charlotte, North Carolina; 1998-2001), Crestar Securities Corporation (Richmond, Virginia; 1993-1998), Signet Investment Corporation (Charlotte, North Carolina; 1986-1992), E.F. Hutton & Company (1983-1986), Merrill Lynch (1981-1983), and Anderson & Strudwick (1980-1981). He has passed six securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the Municipal Securities Principal Examination, or Series 53; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He currently holds no state licenses as a broker. (Information current as of July 20, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.