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Michael Colletti: FINRA Files Complaint Against Polaris Advisor

A pending regulatory complaint against Kings Park, New York financial advisor Michael Colletti (CRD# 4577898) alleges that he made unauthorized trades in an elderly customer’s account. Financial Industry Regulatory Authority records indicate that he is a broker and an investment advisor with Sovereign Global Advisors, doing business as Polaris Financial Group.

According to the pending FINRA complaint disclosed on Mr. Colletti’s BrokerCheck report, he was named respondent in an action alleging he “placed trades with total principal value of approximately $157,231 in the account of an elderly customer without the customer’s prior authorization.” FINRA alleges that the customer in question “was an unsophisticated investor” who primarily purchased and held investments in mutual funds and “stocks of well-established companies.” The allegedly unauthorized trading led to $5,417.17 in realized losses, according to the pending complaint, which alleges further that Mr. Colletti, who held de facto control over the customer’s account, “unsuitably and excessively traded the customer’s account by frequently purchasing and selling various equity positions that caused the customer to incur high cumulative costs.” The transactions he allegedly effected generated commissions of $4,981 as well as other costs of $256, according to the complaint, which remains pending.

Mr. Colletti’s BrokerCheck report also discloses one prior FINRA action against him. Filed in July 2017, the complaint found he “failed to reasonably supervise cold callers in his branch office that he had hired without following his member firm’s procedures.” FINRA found further that he “either missed or did not act upon red flags that the cold callers were engaging in impermissible activities,” which included the use of unauthorized scripts and “misrepresentations and improper questions.” He was issued a fine of $7,500 and a three-month suspension from registering in any principal capacity.

According to the Financial Industry Regulatory Authority, Michael Colletti holds 20 years of securities industry experience. Based in Kings Park, New York, he has been a broker and an investment advisor with Sovereign Global Advisors since 2020, doing business as Polaris Financial Group. His past registrations include The Investment Center (Glen Cove, New York; 2017-2020), Cadaret Grant & Company (Melville, New York; 2014-2016), Securities America (Jericho, New York; 2014), National Securities Corporation (Melville, New York; 2012-2014), First Midwest Securities (Hauppage, New York; 2010-2012), American Capital Partners (East Meadow, New York; 2004-2010), and Commerce One Financial (Syosset, New York; 2002-2004). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Banking Registered Representative Examination, or Series 79TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Kansas, New Jersey, New York, Pennsylvania, and Texas. (Information current as of February 20, 2023.)

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.

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