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Michael Bastardi: FINRA Bars Former Securities America Broker

A disciplinary action taken by the Financial Industry Regulatory Authority against former Warwick, New York broker Michael Bastardi (CRD# 6015424) barred him over findings he refused to provide FINRA with information relating to allegations of unsuitable margin trading, fraud, forgery, and unauthorized trading. A former representative of Dalton Strategic Investment Services and Securities America, Bastardi was indefinitely barred from acting as a broker or otherwise associating with a broker-dealer firm as a result of these findings.

According to a Letter of Acceptance, Waiver, and Consent (No. 2018059770401) signed in May 2019, refused to comply with a FINRA request for documents and information, constituting violations of FINRA Rules 8210 and 2010. FINRA’s findings specifically state that the regulator sent Bastardi requests for documentation and information on October 29, 2018 and on January 10, 2019. His counsel told FINRA in a phone call on April 10, 2019 that he would not produce the requested documents and information. FINRA’s findings state further that the requests were made in connection to a disclosure by Securities America on September 6, 2018, that Bastardi was the subject of a customer complaint alleging he had participated in “unsuitable margin trading, unauthorized trading, fraud and forgery” while employed at Dalton Strategic Investment Services and Securities America, a complaint that ultimately resulted in damages “of approximately $250,000.” As a result of his refusal to produce requested documents and information, per FINRA’s AWC Letter, Bastardi was barred from association with any FINRA member firm in any capacity.

Michael Bastardi is not currently registered as a broker. His employment history includes Chelsea Financial Services in Staten Island, New York; National Securities Corporation; Securities America in Warwick, New York; Dalton Strategic Investment Services in Warwick, New York; and Cape Securities. He currently holds no state licenses and has passed three securities industry qualification examinations.

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