Washington

S-23-3545-24-CO01 - On August 26, 2024, the Securities Division entered into a Consent Order with Michael Patrick Raineri (Raineri) of Seattle, Washington. Raineri was previously an investment adviser representative at Securities America Advisors, Inc. and a securities salesperson at Securities America, Inc. The Securities Division previously entered a Statement of Charges against Raineri on July 1, 2024. The Statement of Charges alleged that Raineri engaged in dishonest and unethical practices and violated the anti-fraud provisions of the Securities Act of Washington in connection with funds that he received from an elderly client. In settling the matter, Raineri neither admitted nor denied the allegations, but agreed to cease and desist from violating the Securities Act and to denial of any future securities registration applications. Raineri further agreed to pay a fine of $20,000 and reimburse the Securities Division $5,000 for its costs of investigation. Raineri waived his right to a hearing and to judicial review of the matter. S-23-3545-23-SC01 - Michael Patrick Raineri -Statement of Charges On July 1, 2024, the Securities Division entered a Statement of Charges and Notice of Intent to Enter Order to Cease and Desist, to Deny Future Registrations, to Impose a Fine, and to Charge Costs (“Statement of Charges”) against Michael Raineri (“Respondent”) of Seattle, Washington. Raineri was previously an investment adviser representative at Securities America Advisors, Inc. and a securities salesperson at Securities America, Inc. The Statement of Charges alleges that the Respondent violated Raineri engaged in dishonest and unethical practices and the anti-fraud provisions of the Securities Act of Washington in connection with funds that he received from an elderly client. The Securities Division intends to order the Respondent to cease and desist from violating the Securities Act of Washington and gives notice of its intent to deny future registrations, impose a fine, and to charge costs. The Respondent has a right to request a hearing on the Statement of Charges.

Consent

Bar (Permanent)

All capacities

indefinitely

8/26/2024

Cease and Desist

Civil and Administrative Penalty(ies)/Fine(s)

$20,000.00

Monetary Penalty other than Fines

$5,000.00

Fines & Costs

FINRA

Without admitting or denying the findings, Raineri consented to the sanction and to the entry of findings that he converted customer funds. The findings stated that, at the request of one of his customers, Raineri began paying some personal expenses for the customer. Over time, Ranieri caused the customer to pay him at least $135,000, ostensibly to reimburse him for the payments he had made. The payments to Raineri, however, far exceeded the customer's expenses Raineri had paid, and he was not entitled to the extra funds.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

4/18/2023

SECURITIES AMERICA, INC.

Discharged

The Financial Professional failed to follow firm policies, including being named as POA for customers' bank accounts and engaging in financial transactions with a customer for payment processing for personal services customer received from third parties without prior request or approval by the Firm.

The customer alleged that the representative converted/misappropriated funds from his bank account, for which he gave the representative power of attorney.

$400,000.00

$275,000.00

Filed without financial professional's signature to avoid delay.