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Michael DiGaetano Has Been the Subject of a FINRA Investigation

Michael DiGaetanoPublic records published by the Financial Industry Regulatory Authority (FINRA) on November 25, 2016 indicate that New York-based Summit Brokerage Services broker/adviser Michael DiGaetano has been the subject of customer complaints and a regulatory sanction. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. DiGaetano (CRD# 2378300).

Michael DiGaetano has spent 22 years in the securities industry and has been registered with Summit Brokerage Services in Lewiston, New York since August 2015. Previous registrations include JP Turner & Company in Lewiston, New York; Cantella & Company in Boston, Massachusetts; Princeton Securities Company in Syosset, New York; and LC Wegard & Company in New York, New York. He is a registered broker and investment adviser with twenty US states and territories: Alabama, Arizona, California, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Maryland, Michigan, Missouri, Nebraska, Nevada, New Jersey, New York, North Carolina, Ohio, Texas, and Wyoming.

According to his BrokerCheck report, Michael DiGaetano has been the subject of one FINRA sanction, two customer complaints, and one pending customer complaint.

In 2014 a customer alleged Michael DiGaetano, while employed at JP Turner & Company, acted negligently, recommended unsuitable investments, breached his fiduciary duty, and breached contract. The customer is seeking $725,000 in damages in the pending complaint.

In 2013 a customer alleged Michael DiGaetano, while employed at JP Turner & Company, engaged in fraud, misrepresented material facts related to an investment, breached contract, breached his fiduciary duty, and acted negligently. The complaint settled in 2014 for $235,000.

In 2012 FINRA sanctioned Michael DiGaetano following allegations he “failed to take appropriate action to reasonably supervise a registered representative to detect and prevent his violations” in connection to mutual fund switch recommendations. He was issued a $5,000 fine and a 3-month suspension from acting in any principal capacity

In 2010 a customer alleged Michael DiGaetano, while employed at JP Turner & Company, breached his fiduciary duty, made misrepresentations of material facts, and recommended unsuitable investments. The complaint settled in 2011 for $380,000.

A mutual fund is a variety of investment that combines a collection of stocks, bonds, or other securities. The collection is referred to as a portfolio. Each share of a portfolio represents the investor’s ownership of the fund’s holdings and the income generated by these holdings. Mutual funds typically generate money for investors either by way of dividends on stocks and interests on bonds, or a capital gain on the sale of securities. Mutual funds also allow you to receive a check for the distributions or simply reinvest the earning into more shares. They are often inexpensive and easy to purchase; they also generally allocate risk well, and bring the benefit of professional management. However, they may also come with hidden fees, and trigger a capital gains tax when a fund manager sells a security. Brokers and investment advisers who engage in misconduct related to mutual fund investments may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.

If you have lost money investing with Michael DiGaetano, you may be able to recoup lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Fitapelli Kurta accepts all cases on contingency: we only receive payment if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.