The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Michael Dellaporta, Jr. from the securities industry. Mr. Dellaporta was expelled from the brokerage industry for refusing to cooperate with a FINRA investigation into an outside business activity.
Mr. Dellaporta, who was a broker for over forty years, most recently worked at B.B. Graham & Company, Inc. in Fort Lauderdale, Florida, from August 2018 to August 2019. Previously, he was affiliated with Fusion Analytics Securities LLC, from 2015 until 2018, and Ameriprise Financial Services, Inc, from 2010 to 2015.
Since 2009, Mr. Dellaporta has been the subject of numerous customer disputes.
If you have suffered financial losses investing with Michael Joseph Dellaporta, Jr., B.B. Graham & Company, Inc, Fusion Analytics Securities LLC, or Ameriprise Financial Services, Inc., contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as B.B. Graham & Company, Inc, Fusion Analytics Securities LLC, or Ameriprise Financial Services, Inc.
FINRA Letter of Acceptance, Waiver, and Consent No. 202006902001
Michael Joseph Dellaporta, Jr. and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on April 14, 2021, after Mr. Dellaporta refused to provide information and documents in connection with FINRA’s investigation into an outside business activity while associated with Fusion Analytics Securities LLC. FINRA’s investigation arose out of a customer complaint.
On March 23, 2021, in connection with FINRA’s investigation, FINRA sent a letter to Mr. Dellaporta to produce information and documents pursuant to FINRA Rule 8210. On April 6, 2021, Mr. Dellaporta stated on a phone call that he would not provide the requested information or documents at any time.
By refusing to provide the information or documents, Mr. Dellaporta violated FINRA Rule 8210. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.
Financial Advisor Michael Joseph Dellaporta, Jr. (CRD# 500214)
Michael Dellaporta, Jr. was affiliated with 16 different firms during his 42-year career in the securities industry. Most recently, he has been associated with the following brokerage firms:
- B.B. Graham & Company, Inc. in Fort Lauderdale, Florida, from August 2018 to August 2019.
- Fusion Analytics Securities LLC in Coral Springs, Florida, from August 2015 to August 2018.
- Ameriprise Financial Services, Inc. in Fort Lauderdale, Florida, from September 2010 to July 2015.
Ameriprise terminated Mr. Dellaporta, Jr.’s employment in 2015, alleging that he violated company policy related to the unauthorized use of discretion, soliciting fixed-income securities that did not meet the firm’s rating requirements, soliciting prohibited options trading levels, and mismarking trade tickets as unsolicited.
According to this public disclosure report with FINRA, Mr. Dellaporta, Jr. has been the subject of at least four customer disputes:
- Customer Dispute (December 2016): A Customer filed a securities arbitration complaint, alleging monetary damages as a result of unsuitable recommendations that were over-concentrated in low-rated collateralized mortgage obligations and other mortgage-backed securities. The customer also alleged unauthorized trading. Ameriprise settled the matter for $150,000.
- Customer Dispute (July 2013): A customer filed a FINRA securities arbitration complaint that alleged $800,000 in damages. The customer alleged that Mr. Dellaporta, Jr. excessively traded the customer’s account on margin in unsuitable investments. Oppenheimer & Co. Inc., the firm that employed Mr. Dellaporta, Jr. at the time of the alleged conduct, settled the matter for $375,000.
- Customer Dispute (August 2011): A customer filed a securities arbitration complaint alleging $647,000 in damages from excessive and unusable transactions. Oppenheimer & Co. Inc., the firm that employed Mr. Dellaporta, Jr. at the time of the alleged conduct, settled the matter for $52,500.
- Customer Dispute (August 2009): A customer filed a securities arbitration complaint alleging unsuitable over-concentration of financial preferred securities and an unauthorized change in strategy and investments resulting in $350,000 in losses. The case was settled by Mr. Dellaporta, Jr. for $150,000.
Supervisory Duties
Brokerage firms like B.B. Graham & Company, Inc, Fusion Analytics Securities LLC, and Ameriprise Financial Services, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as suitable investment recommendations, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have lost money with financial advisor Michael Dellaporta, Jr., B.B. Graham & Company, Inc, Fusion Analytics Securities LLC, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.