Previously registered broker Michael Dellaporta (also known as Michael Joseph Dellaporta, Jr. and Mike Dellaporta), has been barred by FINRA for allegedly refusing to produce information and documents requested by FINRA.
The formerly registered Florida-based broker allegedly refused to produce documents requested by FINRA related to his alleged involvement in an outside business activity (OBA), as stated by FINRA’s Letter of Acceptance, Waiver and Consent (AWC) under review by attorney Alan Rosca.
Dellaporta was registered with FINRA since 1976 before being barred 2021, according to the AWC. Dellaporta has also been the subject of four settled customer disputes, employment separation and a bankruptcy.
Investor rights attorney Alan Rosca and his colleagues, of Rosca Scarlato LLC law firm, are investigating conduct related to broker Michael Dellaporta’s alleged involvement in an OBA. Investors who are concerned about their investments with Dellaporta may reach out to attorney Alan Rosca or his colleagues for a free, no-obligation consultation and discussion of potential options, or to provide any useful information.
Interested Dellporta investors may call 888-998-0530, send an email to arosca@rscounsel.law, or complete the contact form on this webpage.
Concerned about investments with
Michael Dellaporta Allegedly Refused to Produce Documents Requested by FINRA
As alleged by FINRA’s AWC under review by attorney Alan Rosca, Michael Dellaporta has been barred from associating with any FINRA member in all capacities after allegedly failing to produce information and documents requested by FINRA. He allegedly refused to produce the documents, which were requested by FINRA on March 23, 2021 and were related to an investigation into Dellaporta’s alleged involvement in an OBA, according to the AWC.
Without admitting or denying the allegations, broker Michael Dellaporta signed the AWC consenting to being barred from securities industry.
Michael Dellaporta Was the Subject of Four Settled Customer Disputes
While employed by Ameriprise Financial Services, Inc. in 2017, Dellaporta allegedly recommended unsuitable investments and purchased securities without permission, according to a customer dispute disclosed on Dellaporta’s FINRA Brokercheck page. The allegations involved OTC equity securities. The customer dispute was filed with FINRA and settled in 2018 for $150,000.
Michael Joseph Dellaporta was the subject of excessive trading allegations in 2013 while registered with Oppenheimer & Co. Inc. The client requested $800,000 in alleged damages, and the dispute filed with FINRA was settled in 2016 for $375,000, as stated by the Brokercheck report.
In August 2011, a customer requested $647,000 in alleged damages in a dispute alleging excessive and unsuitable transactions during Dellaporta’s registration with Oppenheimer & Co. Inc. The allegations involved corporate and municipal debt, direct investment in DPP and LP interests, OTC equity securities, investments in common and preferred stock, and mutual funds. The customer accepted $52,500 in settlement in 2012, according to Dellaporta’s Brokercheck page.
While registered with Oppenheimer & Co. Inc., a Dellaporta’s customer settled an over-concentration claim in 2009 for $150,000. The customer had requested $350,000 in alleged damages, and the allegations involved investments in common and preferred stock
Michael Dellaporta Worked in the Securities Industry for 42 Years
Previously registered broker Michael Dellaporta began working in the securities industry in 1976. Since then, he has been registered with sixteen companies, according to his Brokercheck page.
Dellaporta was employed by Oppenheimer and Co. Inc in Fort Lauderdale, Florida from 2005 until 2010.
He was then registered with Ameriprise Financial Services, Inc. from September 2010 until August 2015. He was discharged from this firm in June 2015 for alleged company policy violations including unauthorized use of discretion and solicitation of prohibited option trading levels.
In Coral Springs, Florida, Dellaporta was registered with Fusion Analytics Securities LLC from August 2015 until August 2018.
Dellaporta was most recently registered with B.B. Graham & Company, Inc. from 2018 to 2019 in Fort Lauderdale, Florida.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Concerned about investments with
Investor Rights Attorneys Are Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct, and is currently investigating conduct related to broker Michael Joseph Dellaporta’s allegations of refusing to produce information and documents requested by FINRA, among others.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Concerned Dellporta investors may contact attorney Alan Rosca or his colleagues for a free no-obligation case evaluation and discussion of potential options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
