Michael Ciro Colletti (CRD #4577898, Glen Head, New York)

Michael Ciro Colletti (CRD #4577898) was named a respondent in a FINRA complaint alleging that he placed trades with total principal value of approximately $157,231 in an elderly customer’s account without the customer’s prior authorization. The complaint alleges that the customer was an unsophisticated investor and outside of Michael Ciro Colletti's excessive trading of his account, the customer mainly bought and held mutual funds and stocks of well-established companies. Colletti’s unauthorized trading resulted in realized losses of $5,417.17 in the customer’s account. The complaint also alleges that Michael Ciro Colletti unsuitably and excessively traded the customer’s account by frequently purchasing and selling various equity positions that caused the customer to incur high cumulative costs. Colletti exercised de facto control over the account by placing trades without first obtaining the customer’s authorization. Colletti effected securities transactions in the customer’s account that generated $4,981 in commissions and $256 in other trading costs. Colletti’s excessive trading in the customer’s account resulted in a turnover rate of 10.28 (annualized to 12.33) and a cost-to-equity ratio of 72.14 percent (annualized to 86.57 percent). (FINRA Case #2019061942901)