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Spartan Advisor Michael Russo: Complaints Allege Misconduct
Garden City financial advisor Michael Russo (CRD# 3072489) has been involved in investor complaints alleging unsuitable recommendations, churning, and other forms of misconduct. Records provided by the Financial Industry Regulatory Authority indicate that he is a broker registered with Spartan Capital Securities.
Mr. Russo’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in January 2023, alleges breached his fiduciary duty, negligence, supervisory failures, and the churning of investments while he was at Spartan Capital Securities. The pending complaint alleges unspecified damages. A “Broker Statement” included with the complaint’s disclosure notes that he “is the broker of record, not a named respondent in the matter.”
A second investor complaint, filed in October 2021, the recommendation of unsuitable investments and unauthorized trading while he was a representative of Laidlaw & Company. In October 2022 the complaint reached a settlement of $8,500.
A third investor complaint, filed in 2020, alleged over-concentration, unsuitable recommendations, and excessive trading while he was at Laidlaw & Company. In October 2022 the complaint reached a settlement of $19,849.10. A “Broker Statement” included with the disclosure notes that he “strongly denies these allegations,” adding that he “did not handle the day to day activity for the claimant” and “was not a named respondent is this matter.”
A fourth investor complaint, filed in 2010, alleged misrepresentation and omissions of material facts, an unauthorized trade, and an unsuitable investment recommendation while he was at Prestige Financial Center. In 2011 the complaint reached a settlement of $30,000.
According to the Financial Industry Regulatory Authority, Michael Russo holds 23 years of securities industry experience. Based in Garden City, New York, he has been a broker with Spartan Capital Securities since July 2018. His registration history includes Craft Capital Management, Laidlaw & Company, Global Arena Capital Corporation, Prestige Financial Center, SW Bach & Company, Harrison Securities, Ehrenkrantz King Nussbaum, Weatherly Securities Corporation, Tasin & Company, Royce Investment Group, and First Asset Management. His credentials include the passage of three securities industry qualifying exams: 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. (Information current as of March 18, 2023.)
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