Advisor Alert: Our Attorneys Are Investigating Michael Patrick Raineri For Investment Fraud
Did You Lose Money Because of Michael Raineri?
Filed: March 12, 2024
Michael Raineri currently has one (1) pending customer complaint. Overall, he has been the subject of two (2) regulatory events, one (1) termination event, and one (1) customer complaint. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Michael Patrick Raineri.
Who Is Michael Patrick Raineri?
- Advisor Name: Michael Patrick Raineri
- Aliases: Michael Raineri
- CRD: 4817558
- Location: Seattle, Washington
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: Securities America, Inc., KMS Financial Services, Inc., and Cetera Advisors LLC
- Number of Known Customer Complaints: 1
- Number of Known Regulatory Events: 2
- Number of Known Termination Events: 1
- Can Michael Raineri Be Sued: Yes, in Private Arbitration
- Can Michael Raineri’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $135,000
- Highest Settlement: Unknown
If you have suffered investment losses by Michael Raineri, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Michael Raineri For Broker Misconduct
As of this publication date, Michael Raineri has been the subject of 2 regulatory events, 1 termination event, and 1 customer dispute. Let’s review them below.
In April 2023, FINRA initiated a regulatory action against or in reference to Michael Raineri for converting customer funds. The findings stated that, at the request of one of his customers, Raineri began paying some personal expenses for the customer. Over time, Ranieri caused the customer to pay him at least $135,000, ostensibly to reimburse him for the payments he had made. The payments to Raineri, however, far exceeded the customer’s expenses Raineri had paid, and he was not entitled to the extra funds.
In April 2023, FINRA initiated a regulatory action against or in reference to Michael Raineri for converting customer funds. The findings stated that, at the request of one of his customers, Raineri began paying some personal expenses for the customer. Over time, Ranieri caused the customer to pay him at least $135,000, ostensibly to reimburse him for the payments he had made. The payments to Raineri, however, far exceeded the customer’s expenses Raineri had paid, and he was not entitled to the extra funds.
In April 2023, Securities America, Inc. terminated Michael Raineri for failing to follow firm policies, including being named as POA for customers’ bank accounts and engaging in financial transactions with a customer for payment processing for personal services customer received from third parties without prior request or approval by the Firm.
In January 2023, a complaint was filed against or in reference to Michael Raineri by a customer of Securities America, Inc. alleging that Mr. Raineri transferred approximately $135,000.00 from the customer’s bank account to himself without the customer’s consent. Per the customer, he/she lost over $135,000 because of Mr. Raineri’s actions. As of this publication date, this claim remains pending.
How To File A Claim Against Michael Raineri (previously with Securities America, Inc., KMS Financial Services, Inc., and Cetera Advisors LLC) To Get Your Money Back
If you have questions about Michael Raineri, Securities America, Inc., KMS Financial Services, Inc., Cetera Advisors LLC, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.