We are conducting an in-depth investigation into troubling allegations against Michael Romano (CRD #: 734293), a registered broker currently affiliated with Arete Wealth Management and formerly affiliated with Center Street Securities. Romano made potentially unsuitable investment recommendations that put investors’ financial well-being at risk. Multiple investors have stepped forward seeking collective damages exceeding $4 million. This case raises significant concerns about investment suitability and fiduciary responsibility. For those who have invested with Romano, understanding these allegations and your legal rights is paramount.
Breaking Down the Current Allegations Against Michael Romano
Eleven investors filed formal claims against Michael Romano on August 23, 2024. The investors allege that Romano recommended high-risk investment products without conducting proper due diligence regarding their individual risk tolerances and financial objectives. The investors seek collective damages of $4 million, raising serious questions about compliance with industry regulations and investor protection standards.
Two previous claims against Romano have reached settlements totaling $210,000. These settlements indicate the merit of investors’ claims and suggest a pattern of concerning investment practices.
We Have Recovered Over
$350 Million for Our Clients Nationwide.
Understanding Your Rights Under FINRA Rule 2111
FINRA Rule 2111, a cornerstone of investor protection, establishes strict requirements for investment professionals. The rule requires brokers to have a reasonable basis for believing their investment recommendations suit clients based on a comprehensive understanding of their financial profile. Key factors brokers must evaluate include:
- Age and life stage – Your current life phase directly impacts appropriate investment strategies and risk levels
- Financial objectives – Your specific financial goals must align with suitable investment opportunities
- Risk tolerance – Your personal comfort level with market volatility and potential losses must guide investments
- Investment timeframe – Your investment horizon must align with recommended investment strategies
- Investment experience – Your familiarity with different investment types must guide recommendation intricacy
- Tax considerations – Your specific situation must determine the tax implications of investment decisions
The Importance of Broker Accountability
Investment professionals who fail to meet their obligations under FINRA Rule 2111 must answer for resulting losses. Our experienced team of investment fraud attorneys has established a strong track record, recovering over $350 million for clients who suffered losses due to investment fraud and broker misconduct.
Our lawyers are nationwide leaders in investment fraud cases.
Steps to Protect Your Financial Interests
If Michael Romano’s investment recommendations have caused you financial losses, take prompt action now. Our experienced securities fraud lawyers at Meyer Wilson guide you through the FINRA arbitration process, which effectively recovers investor losses. We understand these situations create financial strain, so we work on a contingency fee basis – you pay only when we recover funds for you. Contact us today for a comprehensive, no-cost consultation to evaluate your situation and explore your legal options.
Recovering Losses Caused by Investment Misconduct.
