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Articles Tagged with Michael Bastardi

Ex-Securities America Broker Investigated For Ponzi Scam Involvement

The US Securities and Exchange Commission (SEC) announced that it has permanently barred ex-Securities America broker, Ronald Roach, in the wake of his involvement in a $909M Ponzi fraud. 

Ronald Roach pleaded guilty last month to criminal fraud charges and is facing up to 10 years behind bars. According to InvestmentNews, Securities America fired him the day after he entered his plea. The SEC contends that Roach and Joseph Bayliss, a general building and electrical contractor, operated an alternative energy tax credit Ponzi scam associated with the company DC Solar. 

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.

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