Articles Tagged with Commonwealth Financial Network

Former Securities America Broker Is Accused of Unsuitable and Unauthorized Trades

Michael Bastardi, an ex-Securities America broker, is barred by the Financial Industry Regulatory Authority (FINRA) after he failed to give the regulator the information it requested for an investigation into his alleged conduct. Bastardi was a registered representative with Securities America from 2014 to 2016.

In 2018, the brokerage firm submitted a Form U5 that disclosed that Bastardi had been named in a customer complaint accusing him of unauthorized trading, unsuitable margin trading, forgery, and fraud while at Securities America and previous to that when he was a registered Dalton Strategic Investment Services broker. His alleged misconduct is said to have resulted in about $250K in damages. The investor fraud claim is still pending.

Massachusetts Secretary of the Commonwealth William Galvin has filed investor fraud charges against ex-broker Bruce Worthington, who was previously licensed with Commonwealth Financial Network and after that with Founders Financial Network. Worthington was based in Massachusetts.

According to Galvin’s fraud complaint, Worthington fraudulently misappropriated nearly $100K from one client’s accounts. The client is a retiree who worked as a groundskeeper and a landscaper. He was an inexperienced investor and Worthington was his broker for over 15 years.

From 2006 to 2008, about $98K was withdrawn from the retiree’s brokerage account. The state regulator contends that the money went towards Worthington’s own personal use. The ex-broker is accused of hiding his scam by persuading the client to diversify his portfolio. He also allegedly gave the retiree falsified documents to make it appear as if the diverted funds were put into alternative investments, including structured notes and laddered bonds, and had resulted in significant returns.

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