Top

Securities America Broker Michael Raineri Barred for Transfering $135k from Customer's Account

Attorney Advising Disclaimer

FINRA barred former

FINRA barred former Securities America and KMS Financial Services broker Michael Patrick Raineri of Seattle, Washington for transferring $135,000 from a customer's bank account to himself without customer's consent, according to a complaint received by the firm.

The findings indicate that Michael Raineri (CRD #4817558) had paid personal expenses for a customer of his, but over time, caused the customer to pay him $135,000 under the guise of reimbursement for payments he had made on the client's behalf.

According to FINRA's investigation, $135,000 "far exceeded" the customer's expenses Raineri had paid and he was otherwise not entitled to that money. FINRA thus barred Raineri based on the findings that he made improper use of a customer's securities or funds.

FINRA rules define conversion as the intentional and unauthorized taking of a customer's property by someone who is not entitled to it—FINRA found Raineri violated the industry's associated Rule 2150(a).

Prior to his affiliations at KMS Financial Services and Securities America, Raineri served as a broker at Cetera Advisors and Pacific West Securities, both in Seattle.

If you invested with Michael Raineri or with any broker or investment adviser who improperly transferred funds out of your account and into theirs, effected unauthorized transactions and debits, or converted your funds, causing damages or financial losses, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation. of Seattle, Washington for transferring $135,000 from a customer's bank account to himself without customer's consent, according to a complaint received by the firm.

The findings indicate that Michael Raineri (CRD #4817558) had paid personal expenses for a customer of his, but over time, caused the customer to pay him $135,000 under the guise of reimbursement for payments he had made on the client's behalf.

According to FINRA's investigation, $135,000 "far exceeded" the customer's expenses Raineri had paid and he was otherwise not entitled to that money. FINRA thus barred Raineri based on the findings that he made improper use of a customer's securities or funds.

FINRA rules define conversion as the intentional and unauthorized taking of a customer's property by someone who is not entitled to it—FINRA found Raineri violated the industry's associated Rule 2150(a).

Prior to his affiliations at KMS Financial Services and Securities America, Raineri served as a broker at Cetera Advisors and Pacific West Securities, both in Seattle.

If you invested with Michael Raineri or with any broker or investment adviser who improperly transferred funds out of your account and into theirs, effected unauthorized transactions and debits, or converted your funds, causing damages or financial losses, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

Related Posts
  • Investor Loses $300,000 in Unapproved Securities-Based Loan Strategy Read More
  • JWE Investigating Peakstone Realty Trust fka Griffin Capital REIT Investment Losses Read More
  • KBS REIT in Newport Beach Teeters on Brink of Failure Read More
/