INVESTORS: Former SW Financial broker Michael Richard Rosalia was named in a customer dispute alleging churning, excessive commissions, unauthorized trading, unsuitability, negligence, breach of contract, and fraud.
Michael Richard Rosalia (CRD: 2323953) was registered as a broker and investment adviser with SW Financial from 2021 until 2022. Previously, Rosalia was registered as a broker with Worden Capital Management from 2015 until 2021.
Rosalia has twenty-one disclosures on his BrokerCheck report. Nine disclosures relate to judgments or liens against Rosalia, and three relate to personal financial matters. One customer dispute filed against Rosalia was denied. Three customer disputes were filed in the year 2000 and earlier.
March 2022 Customer Dispute
Status: Pending
Allegations: Churning, excessive commissions, unauthorized trading, unsuitability, negligence, breach of contract, fraud.
Damage Amount Requested: $229,696.00
Broker Comment: Registered Rep denies all allegations in the statement of claim.
October 2021 Customer Dispute
Status: Pending
Allegations: nsuitable Investments, Unauthorized Trading, Churning, Fraud, Excessive Commissions, Excessive Trading, Breach of Fiduciary duty
Damage Amount Requested: $1,606,034.39
April 2019 Customer Dispute
Status: Settled
Allegations: Customer alleges that a commission of $8,000 in August 2018 was not authorized by him.
Damage Amount Requested: $8,000.00
Settlement Amount: $4,000.00
November 2018 Customer Dispute
Status: Settled
Allegations: Statutory and common law fraud, misrepresentation, negligence, breach of contract and breach of fiduciary duty. Dates of alleged activity May 2016 through January 2018.
Damage Amount Requested: $56,000.00
Settlement Amount: $14,999.99
Broker Comment: This complaint was generated by a non-Attorney, third-party arbitration solicitation company. The State of Pennsylvania statutes were enforced and the non-Attorney was removed from the case for unlawful practice of law. The case was settled for financial prudence, as an arbitration hearing and process would have cost sufficiently more.
May 2018 Customer Dispute
Status: Settled
Allegations: Churning, improper use of margin, unsuitability and high commisions
Damage Amount Requested: $503,828.39
Settlement Amount: $150,000.00
Broker Comment: Clients children sent a letter claiming to represent client in April 2018. The account was individual with a TOD to client’s wife. The letter did not contain a POA or other executed document showing that another party could act on the client’s behalf. As such, the Firm attempted to contact client directly to address the concerns raised, but was stonewalled by the children until the Firm’s attorney advised them that we would not speak with them without the client. On or about May 7, 2018, CEO and attorney spoke with client and children about the concerns. Firm determined to settle with client to avoid litigation and travel costs associated.
March 2009 Customer Dispute
Status: Settled
Allegations: Customer broadly alleges a variety of sales practice violations without identifuying any particular transaction associated with an alleged sales practice violation. The customer fails to specify the amount of the alleged compensatory damages therefore the firm is unable to disclose a figure under the subcategory: alleged compensatory damages. Arbitration received 10/21/2009 alleging unsuitability, unauthorized trading, and failure to execute trades.
Damage Amount Requested: $3,722,000.00
Settlement Amount: $900,000.00
Broker Comment: Client alleges unsuitability, unauthorized trading, and failure to execute trades. ACP finds these allegations without merit and will vigorously defend all charges. Case settled to avoid further costs of arbitration.
The Sonn Law Group is currently investigating allegations surrounding Michael Richard Rosalia. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.
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