Advisor Alert: Our Attorneys Are Investigating Michael Joseph Russo For Investment Fraud
Did You Lose Money Because of Michael Russo?
Filed: March 11, 2024
Michael Russo currently has six (6) pending judgment/lien events. Overall, he has been the subject of one (1) regulatory event, one (1) termination event, eight (8) customer complaints, and six (6) judgment/lien events. 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 Joseph Russo.
Who Is Michael Joseph Russo of Spartan Capital Securities, LLC?
- Advisor Name: Michael Joseph Russo
- Aliases: Michael Russo
- CRD: 3072489
- Location: Garden City, New York
- Current Employer: Spartan Capital Securities, LLC
- Previous Firms: Craft Capital Management LLC, Laidlaw & Company (UK) Ltd., and Global Arena Capital Corp
- Number of Known Customer Complaints: 8
- Number of Known Regulatory Events: 1
- Number of Known Termination Events: 1
- Number of Known Judgment/Lien Events: 6
- Can Michael Russo Be Sued: Yes, in Private Arbitration
- Can Michael Russo’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $300,000
- Highest Settlement: $150,000
If you have suffered investment losses by Michael Russo, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty 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 Russo For Broker Misconduct
As of this publication date, Michael Russo has been the subject of 1 regulatory event, 1 termination event, 8 customer disputes, and 6 judgment/lien events. Let’s review them below.
In January 2023, a FINRA arbitration was filed against or in reference to Michael Russo by a customer of Spartan Capital Securities, LLC alleging breach of fiduciary duty, negligence & gross negligence failure to supervise, and churning. On November 24, 2023, Mr. Russo settled the claim for $150,000, and some or all of this amount may have been paid by Mr. Russo’s employer and/or insurance carrier.
In October 2021, a FINRA arbitration was filed against or in reference to Michael Russo by a customer of Laidlaw & Company (UK) Ltd. alleging unsuitability and unauthorized trading for trading activity in 2014 – 2015. Per the customer, he/she lost over $49,000 because of Mr. Russo’s actions. On July 28, 2022, Mr. Russo settled the claim for $8,500.
In January 2021, a FINRA arbitration was filed against or in reference to Michael Russo by a customer of Laidlaw & Company (UK) Ltd. alleging over concentration, unsuitability and excessive trading. Per the customer, he/she lost over $41,916 because of Mr. Russo’s actions. On October 28, 2022, Mr. Russo settled the claim for $19,849.10, and some or all of this amount may have been paid by Mr. Russo’s employer and/or insurance carrier.
In December 2020, Michael Russo was the subject of a civil judgment or lien in the amount of $925. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In September 2019, Michael Russo was the subject of a civil judgment or lien in the amount of $925. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In September 2018, Michael Russo was the subject of a civil judgment or lien in the amount of $600. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In September 2017, Michael Russo was the subject of a civil judgment or lien in the amount of $600. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In September 2017, Michael Russo was the subject of a civil judgment or lien in the amount of $101,954. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In December 2016, Michael Russo was the subject of a civil judgment or lien in the amount of $550. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.
In April 2016, FINRA initiated a regulatory action against or in reference to Michael Russo for allegedly communicating with the public about his securities business using personal Emails and text messages.
In November 2013, Global Arena Capital Corp terminated Michael Russo for allegedly making false, exaggerated, unwarranted, and/or misleading statements to the public; used personal email address in his business communications with his firm customers; and failed to provide truthful responses to questions posed by FINRA staff.
In July 2013, a FINRA arbitration was filed against or in reference to Michael Russo by a customer of Global Arena Capital Corp alleging that some trades were never advised, agreed or accepted, and churning. Per the customer, he/she lost over $23,000 because of Mr. Russo’s actions.
In May 2010, a FINRA arbitration was filed against or in reference to Michael Russo by a customer of Prestige Financial Center, Inc. alleging misrepresentation, material omissions, one unauthorized trade, unsuitable recommendation, and use of inside information. Per the customer, he lost over $300,000 because of Mr. Russo’s actions. On May 25, 2011, Mr. Russo settled the claim for $30,000.
In September 2008, a complaint was filed against or in reference to Michael Russo by a customer of Prestige Financial Center, Inc. with allegations regarding purchases of SKS&USG and the use of margin. The approved positions were purchased in the cash account and moved to margin because of nonpayment and eventually sold out which resulted in a 11,403.00 loss. Per the customer, he/she lost over $20,196 because of Mr. Russo’s actions.
In July 2006, a complaint was filed against or in reference to Michael Russo by a customer of Prestige Financial Center, Inc. alleging unauthorized transaction. Per the customer, he/she lost over $7,800 because of Mr. Russo’s actions.
In October 2005, a complaint was filed against or in reference to Michael Russo by a customer of S.W. Bach & Company alleging unauthorized trading. Per the customer, he/she lost over $18,000 because of Mr. Russo’s actions.
How To File A Claim Against Michael Russo of Spartan Capital Securities, LLC (previously with Craft Capital Management LLC, Laidlaw & Company (UK) Ltd., and Global Arena Capital Corp) To Get Your Money Back
If you have questions about Michael Russo, Spartan Capital Securities, LLC, Craft Capital Management LLC, Laidlaw & Company (UK) Ltd., Global Arena Capital Corp, 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.