Mike DeLuca Investigation
June 2023-New Brighton, PA
According to publicly available records Michael DeLuca, a Fortune Financial Services, Inc. broker discloses a final regulatory matter.
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 12/2022, without admitting or denying the findings, DeLuca consented to the sanctions and to the entry of findings that he failed to reasonably supervise variable annuity exchanges and surrenders recommended by a representative because he failed to reasonably respond to red flags that many of the representative’s exchange applications contained material misrepresentations. DeLuca failed to detect that the representative misrepresented that the customer would have to pay a surrender charges and these transactions caused them to incur a total of $71,386.94 in charges. Sanctions imposed by FINRA: A 15 business day suspension and a $5,000 fine to be paid paid by DeLuca individually.
DeLuca has been with Fortune Financial Services, Inc. since 4/2010. He is also registered with Prosperity Wealth Management since 1/2020.
If you have suffered losses in an account handled by Michael DeLuca contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
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.
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