Close Menu
Free Consultation: 888-976-6111

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: TKTK. He is licensed in California, Georgia, Nebraska, New York, Ohio, South Carolina, Texas, and 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.)

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.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Nick Owoyemi: Newbridge Advisor’s Client Invested in GWG

    Records filed with a US bankruptcy court show that at least one former client of Newbridge Financial Services advisor Nick...

    Read More
  • Suzanne Powell: Meridian Advisor’s Clients Are GWG Creditors

    At least 22 current or former customers of Meridian Wealth Management advisor Suzanne Powell (CRD# 4752270) are listed as creditors...

    Read More
  • John Nole: Paulson Advisor’s Clients Listed as GWG Creditors

    Records filed with a US bankruptcy court disclose that at least six current or former customers of Paulson Investment Company...

    Read More
  • Oppenheimer Advisor Guy Presutti Faces $1.45mm Fraud Complaint

    Boston financial advisor Guy Presutti (CRD# 1196621) recently received an investor complaint alleging fraud, breach of fiduciary duty, unsuitable investment...

    Read More
  • Previous
  • Next