FINRA Reportedly Bars Advisor Michael Dellaporta Jr. after Allegations of Outside Business Activity
On April 14, 2021, the Financial Industry Regulatory Authority reportedly barred financial advisor Michael Dellaporta Jr. from the securities industry in connection with Dellaporta’s involvement in an outside business activity. FINRA reportedly issued a request for information and documents and Dellaporta reportedly refused, in violation of FINRA Rules 8210 and 2010.
According to his broker profile, Dellaporta was reportedly registered with Fusion Analytics Securities in Coral Springs, FL from 2015 – 2018. Prior to that, he was reportedly registered with Ameriprise Financial in Fort Lauderdale, Florida from 2010 until July 2015 when he was discharged for “company policy violations related to unauthorized use of discretion, solicitation of fixed income securities not meeting firm rating requirements,” among others.
Dellaporta’s broker profile indicates that he has four settled customer complaints during his career. Allegations include unsuitable trades, excessive trades, and unauthorized trades, among others. He reportedly filed for bankruptcy in 2018, according to FINRA.
According to his FINRA Broker Check report, Dellaporta’s other business activities include MJDJR Properties, LLC and Life Insurance Agent.
Potential Lawsuits to Recover Investment Losses
When brokers violate securities laws, such as making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois.
If you are concerned about investments with Michael Dellaporta Jr., you may be able to file a complaint against your brokerage firm. Please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.