Michael Principato: JP Morgan Advisor Faces $1 Billion Complaint

A recent investor complaint against Staten Island, New York financial advisor Michael Principato (CRD# 5237609) alleges that his conduct resulted in 10-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with JP Morgan Securities.

Mr. Principato’s BrokerCheck report discloses one investor complaint. Filed in August 2026, it alleges that as a representative of JP Morgan Securities, he “was involved in unauthorized estate account access by an outside third-party.” The pending complaint alleges damages of $1 billion.

For reference, FINRA Rule 2010 states that brokers associated with FINRA must “observe high standards of commercial honor and just and equitable principles of trade.” A number of types of misconduct, including the unauthorized access of accounts by third parties, may be considered violations of this rule, so long as the alleged activities occur “in the conduct of [the member’s] business.” Brokers who violate FINRA Rule 2010 may be held liable for damages in the event of losses.

According to the Financial Industry Regulatory Authority, Michael Principato holds 19 years of securities industry experience. Based in Staten Island, New York, he has been registered as a broker and an investment advisor with JP Morgan Securities since 2012. His past registrations include Chase Investment Services, Citigroup Global Markets, and Citicorp Investment Services. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; and the Uniform Combined State Law Examination, or Series 66. He holds 26 state licenses. (Information current as of October 12, 2026.)

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