Michael Raineri: Customer Complaints and Investor Lawsuits

Seattle Broker Michael Raineri Barred & Sentenced for Stealing $531K from Client

Michael Raineri Lawsuits, Complaints, and Investment Losses — Reviewed by Top Securities Fraud Attorneys, The White Law Group

Former Seattle financial advisor Michael P. Raineri (CRD #4817588) has been the subject of multiple regulatory actions, customer complaints, and investor lawsuits following allegations of theft and financial misconduct. Raineri, who previously worked with Cetera Advisors, KMS Financial Services, and Securities America (now part of Osaic Wealth, Inc.), was barred from the securities industry by FINRA and sentenced to 32 months in federal prison for wire fraud.

Michael Raineri Criminal Case and Investor Complaints

According to the U.S. Attorney’s Office in Seattle, Raineri, age 63, stole more than $531,000 from a client’s trust account over six years. He pleaded guilty to wire fraud in June 2025 after being indicted in November 2024.

The Department of Justice alleged that Raineri misused his client’s trust by obtaining blank checks, power of attorney, and access to her apartment, transferring funds for personal expenses — including payments on a luxury car lease. Prosecutors say Raineri ingratiated himself with his victim, who had inherited $2 million, and exploited that relationship for years.

These allegations have also led to civil lawsuits and investor complaints related to his conduct while registered with various brokerage firms.

FINRA Bar and Regulatory Findings

In a Letter of Acceptance, Waiver and Consent (AWC), FINRA barred Michael Raineri for conversion of customer funds, finding that he received at least $135,000 in improper payments between August 2018 and August 2022.

• FINRA Rule 2150(a) prohibits brokers from misusing customer funds.

• FINRA Rule 2010 requires brokers to observe just and equitable principles of trade.

Raineri’s case underscores serious compliance failures that often lead to FINRA complaints and lawsuits filed by affected investors.

Michael Raineri’s Employment History

According to FINRA BrokerCheck, Raineri’s past registrations include:

• Securities America, Inc. (CRD #10205) — Seattle, WA | 11/06/2020 – 04/18/2023 (Now part of Osaic)

• KMS Financial Services, Inc. (CRD #3866) — Seattle, WA | 04/24/2018 – 11/06/2020 (Also part of Osaic)

• Cetera Advisors LLC (CRD #10299) — Seattle, WA | 02/28/2012 – 04/25/2018

• Pacific West Securities, Inc. (CRD #6390) — Seattle, WA | 05/24/2006 – 02/28/2012

Raineri was reportedly discharged from Securities America in 2023 for policy violations, including being named Power of Attorney on client accounts and engaging in unapproved financial transactions — both of which are frequent sources of customer complaints and FINRA lawsuits.

FINRA BrokerCheck – Research Before You Invest

Investors can use FINRA BrokerCheck to research a broker’s regulatory history, employment record, and any pending or settled complaints. Before trusting an advisor with your assets, verify their record to help avoid becoming the victim of fraud or misconduct.

Recovering Losses from Michael Raineri’s Misconduct

When brokers like Michael Raineri engage in fraud or misappropriation, their broker-dealers — such as Osaic and Cetera Advisors — may be liable for failing to properly supervise them. Investors who suffered financial harm may pursue claims through FINRA arbitration, a process often faster and more cost-effective than a traditional lawsuit.

The securities attorneys at The White Law Group represent investors nationwide in cases involving broker fraud, misrepresentation, unsuitable investments, and conversion of funds.

If you experienced investment losses or have a complaint involving Michael Raineri, contact The White Law Group at (888) 637-5510 for a free consultation.

FAQs About Michael Raineri Lawsuits and Investor Complaints

1. Why was Michael Raineri barred from the securities industry?
FINRA barred Raineri after finding he converted customer funds. He also pleaded guilty to wire fraud in federal court for stealing over $531,000 from a client’s trust account, leading to both criminal charges and investor lawsuits.

2. Are there any investor lawsuits or complaints against Michael Raineri?
Yes. In addition to FINRA’s disciplinary action, investors have reportedly filed complaints and arbitration claims related to losses suffered while Raineri was affiliated with firms like Cetera Advisors and Osaic (formerly Securities America and KMS Financial Services).

3. Can I recover losses related to Michael Raineri’s misconduct?
Possibly. Although Raineri himself may be unable to repay victims, his former employers may be held liable for failing to supervise his activities. Investors can seek recovery through FINRA arbitration.

About The White Law Group

The White Law Group, LLC is a national securities fraud and investor protection law firm with offices in Chicago and Seattle. Since 2010, the firm has handled over 800 FINRA arbitration cases nationwide, helping investors recover losses caused by broker misconduct and fraudulent investment schemes.

For more information on Michael Raineri lawsuits, complaints, or investment loss recovery, please visit www.whitesecuritieslaw.com