July 2021- Ft. Lauderdale, FL
According to publicly available records Michael Dellaporta, Jr. (CRD#500214), a former stockbroker who last worked for B.B. Graham & Company, Inc., has been permanently barred from FINRA. He also discloses 4 settled customer disputes, 1 pending customer dispute, a termination and a bankruptcy.
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.
In April 2021 in case #2020069029001, FINRA alleged that Dellaporta failed to produce documents and information requested by FINRA in connection with its investigation into Dellaporta’s involvement in an outside business activity. He was permanently barred from FINRA as a result of this investigation.
In December 2016, FINRA case #16-03636 was filed by an Ameriprise Financial Services, Inc. customer alleging that Dellaporta recommended unsuitable investments that were over concentrated in alleged low rated collateralized mortgage obligations and other mortgage backed securities and that securities were purchased without permission. This case was settled for $150,000.
From August 2009 until July 2013 three Oppenheimer & Co. customers filed FINRA cases alleging among other things, excessive trading on margin in unsuitable investments, over concentration of financial preferred securities, unauthorized change in strategy and investments, resulting in unrealized losses. These cases collectively settled in the amount of $577,500.
In January 2021, FINRA case #20-04115, a customer of Fusion Analytics Securities alleged that Dellaporta solicited him to make a substantial investment into Global Capital Financial Services – a Florida-based cash advance company and a safe and secure investment suitable for customer’s investment objectives and providing a guaranteed rate of return. In August 2017 a customer “loaned” $300,000 to Global Capital, but the loan and loan agreement were allegedly unregistered securities. Again in September 2017, the customer allegedly “loaned” another $300,000 to Global Capital. The subject loan agreements should have been registered with the SEC and Florida Securities authorities, but were allegedly not. Allegedly, Global Capital was a Florida-based cash advance company that fraudulently raised more than $322 million from 3,600 investors. Damages sought are $360,000 is this currently pending matter.
In June 2015, Dellaporta was terminated from Ameriprise Financial Services, Inc. for company policy violations related to unauthorized use of discretion, solicitation of fixed income securities, not meeting firm rating requirements, solicitation of prohibited option trading levels and mis-marking trade tickets as unsolicited.
In November 2018, Dellaporta filed Chapter 7 in United Stated Bankruptcy Court in Broward County, Florida. He was discharged from bankruptcy in 7/2019.
Dellaporta worked with B.B. Graham & Company from August 2018 until August 2019. Before that time he was employed with Fusion Analytics Securities, Ameriprise Financial Securities and Oppenheimer & Co.
If you had an account with Michael Dellaporta, Jr. that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options with an experienced securities attorney.
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.
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