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Manalapan Advisor Michael Volini: Negligence Complaint
American Portfolios Financial Services advisor Michael Volini (CRD# 5693453) recently received an investor complaint alleging fraud and other forms of misconduct. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Manalapan, New Jersey, and that he is also known as Michael Mertzel.
Mr. Volini’s BrokerCheck report discloses one investor complaint against him. Filed in August 2022, it alleges that as a representative of Santander Securities, he committed fraud, breached his fiduciary duty, and engaged in negligence. (For reference, the fiduciary standard requires investment advisors to place their clients’ interests above their own, fully disclose any conflicts of interest, and operate in good faith and with loyalty to the customer; this is similar to but distinct from the suitability standard that applies to brokers.) The pending complaint alleges damages of $50,000.
In a statement included in the complaint’s disclosure, Mr. Volini comments that he “is not a named respondent” in the arbitration proceeding stemming from the allegations, and that it was “originally received as a complaint and was denied.”
According to the Financial Industry Regulatory Authority, Michael Volini holds 10 years of securities industry experience. Based in Manalapan, New Jersey, he has been a broker and an investment advisor with American Portfolios Financial Services since 2020. His past registrations include Santander Securities (Staten Island, New York; 2016-2020), LPL Financial (Staten Island, New York; 2013-2016), American Portfolios Financial Services (Holbrook, New York; 2012-2013), Brookstone Securities (Staten Island, New York; 2011), and Mercer Capital (New York, New York; 2009). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Florida, Georgia, New Jersey, New York, Pennsylvania, South Carolina, and Texas. (Information current as of September 16, 2022.)
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