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Michael Colletti Has Been Named in a Pending FINRA Complaint

Michael Colletti

Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 7, 2017 indicate that New York-based Investment Center broker/adviser Michael Colletti has been named respondent in a pending FINRA complaint. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Colletti (CRD# 4577898).

Michael Colletti has spent 15 years in the securities industry and has been registered with The Investment Center in Glen Cove, New York since January 2017. Previous registrations include Cadaret Grant & Company in Melville, New York; Securities America in Jericho, New York; National Securities in Melville, New York; First Midwest Securities in Hauppage, New York; American Capital Partners in East Meadow, New York; and Commerce One Financial in Jericho, New York. He is a registered broker and investment adviser with ten US states and territories.

According to his BrokerCheck report, Michael Colletti has been named in a pending FINRA complaint and was terminated from a former employer in connection to alleged rule violations.

In July 2017 he was named respondent in a FINRA complaint alleging that “as the designated supervisor and branch office manager of his member firm’s branch office, he failed to reasonably supervise cold callers in the branch office that he had hired without following firm procedures.” FINRA’s complaint states further: “because of Colletti’s failure to enforce the firm’s written procedures regarding hiring and cold callers, the firm was unaware of some of the cold callers for months after they began working in the branch, if at all, and some of the cold callers were not subject to a background check, much less approved by the firm’s hiring committee. Despite working in the same room as the cold callers, Colletti either missed or did not act upon red flags that the cold callers were engaging in impermissible activities. Those red flags included the scripts written on notepads, taped to furniture, and in cold callers’ desk drawers and a white board containing the cold callers’ names and columns for “acct opened” “acct goal” and “money raised.” The white board near the desks of some of the cold callers listed the names of the cold callers, with a column for the number of accounts opened, a column for their “acct goal,” and a column for their “money raised.” The firm’s written supervisory procedures (WSPs) limited cold callers to a handful of specific permissible activities, none of which included opening accounts or raising money.” The complaint remains pending.

In 2014 he was terminated from his position at National Securities following allegations he failed to disclose an outside business activity.

If you or someone you know has complaints regarding Michael Colletti, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited by law, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.