FINRA

Without admitting or denying the findings, Iannarino consented to the sanction and to the entry of findings that he failed to provide documents and information requested by FINRA during its investigation of his potential recommendation and sale of promissory notes to individuals. The findings stated that Iannarino provided partial but incomplete responses to FINRA's initial requests. Iannarino's partial responses did not substantially comply with FINRA's requests and the information and documents were material to FINRA's investigation. Subsequently, Iannarino refused to produce any additional information and documents.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All capacities

Indefinite

6/30/2020

The Claimants allege the representative (Michael Iannarino) recommended an investment into an unregistered security through the use of promissory notes which he misrepresented as a safe low-risk investment with a specified or high return.

$35,000.00

$16,250.00

Ohio Division of Securities

Unlicensed Investment Advisory Services and Sale of Unregistered Securities.

Consent

Cease and Desist

Stifel Nicolaus

Discharged

FA used time and price discretion to place block trades away from the firm after being instructed not to do so by firm management.

OHIO RESIDENT SAID THAT TRADES DONE IN A DISCRETIONARY ACCOUNT WERE NOT AUTHORIZED. CLAIMS LOSES OF $109,456.38.

$109,456.38

CLIENT WAS ON DISCRETIONARY ACCOUTN. MUCH OF THE LOSSES WAS DUE TO BANKRUPT INVESTMENTS THAT THE CLIENT BOUGHT BEFORE I TOOK OVER MANAGEMENT.

CLIENT COMPLIANED THAT SELL INSTRUCTIONS WERE NOT FOLLOWED ON 8/24/01. CLAIMED DAMAGES OF $10,800.

$10,800.00

$10,800.00

ORDER WAS GIVEN TO CANDACE DELUCA BUT SHE NEVER PLACED IT. I DID NOT KNOW TILL AFTER MARKET CLOSE. THE ACCOUNT WAS NOT SOLD OUT FOR A COUPLE OF DAYS LATER. THAT WAS MY ERROR, THAT I ACCEPTED AND PAID FOR.

CUSTOMER'S REPRESENTATIVE ALLEGES THAT THE TERMS OF A MANUALIFE FINANCIAL "VANISHING PREMIUM" LIFE INSURANCE POLICY PURCHASED THROUGH MERRILL LYNCH WERE MISREPRESENTED TO HER AT THE TIME OF PURCHASE. AMOUNT OF DAMAGES UNSPECIFIED, BUT BELIEVED TO BE IN EXCESS OF $5,000.

OUR INITIAL INVESTIGATION REVEALS THAT CUSTOMER WAS PRESENTED WITH (AND SIGNED) AN ILLUSTRATION PRIOR TO HER PURCHASE OF THE POLICY WHICH ILLUSTRATED THE TERMS AND CONDITIONS THEREOF. UNDER THE CIRCUMSTANCES IT IS OUR PRELIMINARY DETERMINATION THAT THE COMPLAINT LACKS MERIT.