Seattle Broker Michael Raineri Barred after Allegations of Conversion of Funds
According to public documents, the Financial Industry Regulatory Authority (FINRA), the self-regulator that oversees brokers and brokerage firms, has barred financial advisor Michael Raineri (CRD # 4817588) from the securities industry.
According to a Letter of Acceptance Waiver and Consent, FINRA barred Raineri after he reportedly consented to the sanction and to the entry of findings that he allegedly converted customer funds. At the request of one of his customers, Raineri allegedly began paying some personal expenses for the customer. Between August 2018 and August 2022, Ranieri purportedly caused the customer to pay him at least $135,000, to reimburse him for the payments he had made. The payments to Raineri purportedly far exceeded the customer’s expenses Raineri had allegedly paid, and he was not entitled to the extra funds, according to FINRA.
Raineri allegedly converted customer funds in violation of FINRA Rules 2150(a) and 2010. FINRA Rule 2150 prohibits brokers from improper use of a customer’s securities or funds and prohibits any “guarantee” against a customer’s loss or sharing in a customer’s account. FINRA Rule 2010 requires that all members, in the conduct of business, observe the “highest standards of commercial honor and just and equitable principles of trade.”
Michael Raineri – FINRA BrokerCheck Profile
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.
11/06/2020 – 04/18/2023, SECURITIES AMERICA, INC. (CRD#:10205), Seattle, WA,
B, 04/24/2018 – 11/06/2020, KMS FINANCIAL SERVICES, INC. (CRD#:3866), Seattle, WA
B, 02/28/2012 – 04/25/2018, CETERA ADVISORS LLC (CRD#:10299), SEATTLE, WA
B, 05/24/2006 – 02/28/2012, PACIFIC WEST SECURITIES, INC. (CRD#:6390), SEATTLE, WA
FINRA Attorneys to Recover Investment Losses
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. FINRA arbitration is generally a faster and less expensive alternative to traditional litigation.
If your broker has defrauded you, you may be able to file a claim with FINRA to seek resolution through arbitration. FINRA arbitration can be a complex and technical process, and having an experienced attorney who is knowledgeable about securities law can greatly increase your chances of success.
The FINRA attorneys at the White Law Group can help you with many aspects of the arbitration process including evaluating the merits of your claim and determining whether you have a strong case for arbitration.
The White Law Group can assist you in drafting a statement of claim that accurately reflects the allegations of fraud and the damages you are seeking. They will also represent you at the arbitration hearing, present evidence and make arguments on your behalf. They may be able to negotiate a settlement for you before going to arbitration.
If you have suffered losses investing with Michael Raineri, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 40 years of securities law experience, including experience working at FINRA and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions attempt to recover their investment losses. For more information, please visit our website, whitesecuritieslaw.com.
Tags: Michael Raineri FINRA, Michael Raineri investigation, Michael Raineri investment losses, Michael Raineri lawsuit, Michael Raineri litigation, Michael Raineri recovery options, Michael Raineri Seattle, Michael Raineri Michael Rainerifinancial advisor, Securities America, securities fraud attorney Last modified: April 19, 2023