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Michael Rosalia: $1.6 Million Complaint Against Ex-Worden Advisor
Pending investor complaints against SW Financial broker Michael Rosalia (CRD# 2323953) allege more than $1 million in damages. Financial Industry Regulatory Authority records show that he is registered in Melville, New York, and used to be a representative of Worden Capital Management in Garden City, New York.
Mr. Rosalia’s BrokerCheck report discloses two pending investor complaints. A complaint filed in March 2022 alleges that as a representative of Worden Capital Management, he churned investments, charged excessive commissions, engaged in unauthorized trading, recommended unsuitable investments, engaged in negligence, breached contract, and engaged in fraud. The complaint, whose allegations he denies in a comment on the disclosure, alleges damages of $229,696.
A second pending complaint against Mr. Rosalia was filed in October 2021. It alleges that as a representative of Worden Capital, he recommended unsuitable investments, made unauthorized trades, engaged in churning, committed fraud, charged excessive commissions, made excessive trades, and breached his fiduciary duty. The pending complaint alleges damages of $1,606,035.39.
A complaint filed in 2019 alleged that while at Worden Capital, Mr. Rosalia charged a commission that was not authorized by the customer. The complaint reached a settlement of $4,000.
An earlier investor complaint, filed in 2018, alleged that Mr. Rosalia churned investments, improperly used margin, charged high commissions, and recommended unsuitable investments. The complaint eventually reached a settlement of $150,000. A complaint filed in 2009, meanwhile, alleged unauthorized trading, unsuitability, and failure to execute trades, settling in 2011 for $900,000.
According to the Financial Industry Regulatory Authority, Michael Rosalia holds 28 years of securities industry experience. Based in Melville, New York, he has been a representative of SW Financial since April 2021. His past registrations include Worden Capital Management, Rockwell Global Capital, American Capital Partners, Ladenburg Thallman & Co., Ladenburg Capital Management, and Royce Investment Group. His credentials include the passage of four 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; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, California, Connecticut, Florida, Georgia, Louisiana, Maryland, Minnesota, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Texas, Washington, and Wisconsin. (Information current as of May 25, 2022.)
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