April 2016-Trumbull, CT
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
FINRA records are public and can be accessed on the BrokerCheck website.
FINRA previously barred Michael J. Smeriglio III, a broker with MetLife Securities, from the securities industry for failing to provide documents and information in connection with a FINRA investigation into allegations that Smeriglio converted customer funds from the customer’s estate and trust.
FINRA records indicate that Smeriglio settled two customer complaints recently:
- In 12/2015, a customer who had complained that Smeriglio breached his fiduciary duty, converted funds and committed fraud in connection with an annuity investment was paid a $2.5 million settlement.
- In 4/2016, another customer with a similar, but smaller, claim involving an annuity was paid a settlement of $50,000.
If you have losses in an account handled by Smeriglio, contact us to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900