Michael Buonanno: $1mm REIT Complaint Against Cetera Advisor

East Northport, New York financial advisor Michael Buonanno (CRD# 2823332) recently received an investor complaint alleging that his conduct resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Cetera Advisors Networks, having previously been registered with North Ridge Securities Corporation.

Mr. Buonanno’s BrokerCheck report discloses one investor complaint. Filed in July 2024, it alleges that as a representative of Cetera Advisor Networks, he recommended unsuitable investments in a variable annuity and a real estate investment trust. The pending complaint alleges damages of $1 million.

Cetera Advisor Networks’ website includes a page describing the firm’s values. “We aren’t afraid to consider multiple points of view to create the best outcome for all, and we have the courage to hold ourselves accountable for doing what’s right, not what’s expedient,” it explains. “We recognize our greatest successes come from working together, understanding our actions from the perspectives of those we serve, and being intentional about creating extraordinary experiences.”

According to the Financial Industry Regulatory Authority, Michael Buonanno holds 27 years of securities industry experience. Based in East Northport, New York, he has been registered as a broker with Cetera Advisors Networks since 2019. His past registrations include North Ridge Securities Corporation (2007-2019), AXA Advisors (1996-2007), and the Equitable Life Assurance Society of the United States (1996-2000). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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 Investment Adviser Law Examination, or Series 65. He is licensed in Florida and New York. (Information current as of September 14, 2024.)

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