Kentucky-based Waddell & Reed broker Michael Rasmovich is currently not registered with any state or firm. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Rasmovich (CRD# 5388113).
Michael Rasmovich has spent seven years in the securities industry and was most recently registered with Waddell & Reed in Louisville, Kentucky (2007-2015). He is currently not registered with any state or firm.
According to his BrokerCheck report, Michael Rasmovich is the subject of one regulatory sanction and one customer complaint, and was discharged from Waddell & Reed.
In January 2016 FINRA sanctioned Michael Rasmovich following allegations he “exercised discretion in effecting hundreds of securities transactions in customers’ accounts without obtaining prior written authorization from the customers or prior written approval from his member firm,” Waddell & Reed. FINRA also alleged Mr. Rasmovich engaged in the backdating of customer notes “in order to falsely reflect that he or another representative had conversations with the customers on a previous date, before the trades were effected,” thus causing the firm to have inaccurate records. He was issued a 2-month suspension and a fine of $10,000.
In February 2015 a customer alleged Michael Rasmovich, while employed at Waddell & Reed, recommended an unsuitable and over-concentrated closed-end fund investment. The customer is seeking unspecified damages in the pending complaint.
In January 2015 Michael Rasmovich was discharged from Waddell & Reed following allegations he exercised unauthorized discretion and falsified client notes.
If you have lost money investing with Michael Rasmovich, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you recover money. By law you may have a limited time to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.
This article is based on publicly available information provided by FINRA on April 8, 2016.